Mortgage Rates Hit Another All-Time Low

MCLEAN, Va., May 28, 2020 (GLOBE NEWSWIRE) -- (OTCQB: FMCC) today released the results of its  (PMMS^®), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.15 percent.

“The 30-year fixed-rate mortgage has again hit the lowest level in our survey’s nearly 50-year history, breaking the record for the third time in just the last few months,” said Sam Khater, Freddie Mac’s Chief Economist. “These unprecedented rates have certainly made an impact as purchase demand rebounded from a 35 percent year-over-year decline in mid-April to an 8 percent increase as of last week—a remarkable turnaround given the sharp contraction in economic activity. Additionally, refinance activity remains elevated and low mortgage rates have been accompanied by a $70,000 decline in the average loan size of refinance borrowers this year. This means a broader base of borrowers are taking advantage of the record low rate environment, which will benefit the economy.”

News Facts

• averaged 3.15 percent with an average 0.8 point for the week ending May 28, 2020, down from last week when it averaged 3.24 percent. A year ago at this time, the 30-year FRM averaged 3.99 percent.  
• averaged 2.62 percent with an average 0.7 point, down from last week when it averaged 2.70 percent. A year ago at this time, the 15-year FRM averaged 3.46 percent.  
• (ARM) averaged 3.13 percent with an average 0.4 point, down from last week when it averaged 3.17 percent. A year ago at this time, the 5-year ARM averaged 3.60 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the . Borrowers may still pay closing costs which are not included in the survey.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at , Twitter and Freddie Mac’s blog .

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Angela Waugaman

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A photo accompanying this announcement is available at