Mortgage Rates Decrease
MCLEAN, Va., May 21, 2020 (GLOBE NEWSWIRE) -- (OTCQB: FMCC) today released the results of its (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.24 percent.
“For the fourth consecutive week, the 30-year fixed-rate mortgage has been below 3.30 percent, giving potential buyers a good reason to continue shopping even amid the pandemic,” said Sam Khater, Freddie Mac’s Chief Economist. “As states reopen, we’re seeing purchase demand improve remarkably fast, now essentially flat relative to a year ago. Going forward, mortgage rates have room to decline as mortgage spreads remain elevated.”
News Facts
- averaged 3.24 percent with an average 0.7 point for the week ending May 21, 2020, down from last week when it averaged 3.28 percent. A year ago at this time, the 30-year FRM averaged 4.06 percent.
- averaged 2.70 percent with an average 0.7 point, down from last week when it averaged 2.72 percent. A year ago at this time, the 15-year FRM averaged 3.51 percent.
- (ARM) averaged 3.17 percent with an average 0.4 point, down slightly from last week when it averaged 3.18 percent. A year ago at this time, the 5-year ARM averaged 3.68 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 .
MEDIA CONTACT:
Angela Waugaman
703-714-0644
A photo accompanying this announcement is available at
