Freddie Mac: Mortgage Rates Edged Back Down; 30-Year Still Pinned At Around 4.0%

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Mortgage rates edged back down during the week ended May 18, with the average rate for a 30-year, fixed-rate mortgage (FRM) at around 4.02%, down from 4.05% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey.

A year ago at this time, the 30-year FRM averaged 3.58%.

The average rate for a 15-year FRM was 3.27%, down from 3.29% the previous week. A year ago at this time, the 15-year FRM averaged 2.81%.

The average rate for a five-year, Treasury-indexed, hybrid adjustable-rate mortgage (ARM) was 3.13%, down from 3.14%. A year ago at this time, the five-year ARM averaged 2.80%.

“The 30-year mortgage rate fell three basis points this week to 4.02 percent,” says Sean Becketti, chief economist for Freddie Mac, in a statement. “However, this week’s survey closed prior to Wednesday’s flight to quality. The delayed impact of the associated decline in Treasury yields may push mortgage rates lower in next week’s survey.”

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