For the week ending May 20, Freddie Mac announced that 30-year fixed rates increased to 3.00% from 2.94% the week before. The average for 15-year loans rose to 2.29% and the average for five-year ARMs remained at 2.59%. A year ago, 30-year fixed rates averaged 3.24%, 0.24% higher than today. As of May 27, the 30-year fixed rate has increased to 3.00%, but ABBA First Mortgage is offering a credit instead of charging an origination cost like most other lenders. The rate of 2.875% is still available through ABBA First Mortgage with extenuating circumstances considered.
Attributed to Sam Khater, Chief Economist, Freddie Mac – “After a run up over the first few months of the year, rates have paused and hovered around three percent since March. Despite this favorable rate climate, there remains a shortage of homes for sale. The lack of housing supply has been compounded by labor disruptions and expensive building materials that are driving up the cost of new housing, making it difficult for homebuyers to find homes to purchase.”
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.