Mortgage Rates Averaged 5.5 Percent Compared to 3 Percent Last Year

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Freddie Mac’s Primary Mortgage Market Survey (PMMS) results show that the 30-year fixed-rate mortgage (FRM) averaged 5.25% with an average 0.9 point as of May 19, down from last week, when it averaged 5.3%.

A year ago at this time, the 30-year FRM averaged 3%.

“Economic uncertainty is causing mortgage rate volatility,” comments Sam Khater, Freddie Mac’s chief economist. “As a result, purchase demand is waning, and homebuilder sentiment has dropped to the lowest level in nearly two years. Builders are also dealing with rising costs, meaning this posture is likely to continue.”

The 15-year fixed-rate mortgage averaged 4.43% with an average 0.9 point, down from last week, when it averaged 4.48%. A year ago at this time, the 15-year FRM averaged 2.29%.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.08% with an average 0.2 point, up from last week, when it averaged 3.98%. A year ago at this time, the 5-year ARM averaged 2.59%.

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