For the week ending May 9, Freddie Mac announced that 30-year fixed rates fell to 4.10% from 4.14% the previous week. The average for 15-year loans decreased to 3.57% and the average for five-year ARMs moved down to 3.63%. A year ago, 30-year fixed rates averaged 4.55%, almost 1/2 percent higher than today. “Investors wary of the current economic situation due to ongoing trade disputes resorted to the bond market, causing the 10-year treasury yield to decrease. A combination of low interest rates, a strong job market and modest wage growth should spur homebuyer interest and also serve as an incentive for homeowners looking to refinance,” said Sam Khater, Chief Economist, Freddie Mac.
Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.