Mortgage Rates Fall to 7-Month Low
Fixed-rate mortgages moved lower this week, reaching new lows for the year, Freddie Mac reports in its weekly mortgage market survey. It is the fourth consecutive week that mortgage rates have dropped.
According to Freddie Mac, mortgage rates reached the following national average for the week ending May 22:
- 30-year fixed-rate mortgages: averaged 4.14 percent, with an average 0.6 point, dropping from last week’s 4.20 percent. Last year at this time, 30-year rates averaged 3.59 percent.
- 15-year fixed-rate mortgages: averaged 3.25 percent, with an average 0.5 point, dropping from last week’s 3.29 percent average. A year ago, 15-year rates averaged 2.77 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.96 percent, with an average 0.4 point, falling from last week’s 3.01 percent average. A year ago, 5-year ARMs averaged 2.63 percent.
- 1-year ARMs: averaged 2.43 percent, with an average 0.4 point, holding the same average as last week. A year ago, 1-year ARMs averaged 2.55 percent.