Mortgage Rates Remain Near Record Low for 6th Week
May 15, 2020
Record low mortgage rates are sticking around. The week ending May 14 marks the sixth consecutive week that mortgage rates have stayed at or near all-time lows. The 30-year fixed-rate averaged 3.28% this week, Freddie Mac reports.
“Mortgage rates have stabilized at very low levels over the last few weeks as homebuyer demand slowly improves,” says Sam Khater, Freddie Mac’s chief economist. “Although purchase applications reached a new low in mid-April, purchase demand today is only down 10% from one year ago. While demand is improving, inventory is low and declining with no signs of a turnaround yet.”
Freddie Mac reports the following national averages with mortgage rates for the week ending May 14:
- 30-year fixed-rate mortgages: averaged 3.28%, with an average 0.7 point, rising from last week’s 3.26% average. Last year at this time, 30-year rates averaged 4.07%. The lowest average on records dating back to 1971 is 3.23%, which was set the week ending April 30.
- 15-year fixed-rate mortgages: averaged 2.72%, with an average 0.7 point, falling from last week’s 2.73% average. A year ago, 15-year rates averaged 3.53%.
- 5-year hybrid adjustable-rate mortgages: averaged 3.18%, with an average 0.3 point, rising slightly from last week’s 3.17% average. A year ago, 5-year ARMs averaged 3.66%.
Freddie Mac reports average commitment rates, along with average fees and points, to reflect the total upfront cost of obtaining a mortgage.
Updated: August 11, 2020