The results of Freddie Mac’s latest Primary Mortgage Market Survey (PMMS) show that the 30-year fixed-rate mortgage (FRM) averaged 5.1% with an average 0.9 point as of May 26, down from last week, when it averaged 5.25%.
A year ago at this time, the 30-year FRM averaged 2.95%.
“Mortgage rates decreased for the second week in a row due to multiple headwinds that the economy is facing,” says Sam Khater, Freddie Mac’s chief economist. “Despite the recent moderation in rates, the housing market has clearly slowed, and the deceleration is spreading to other segments of the economy, such as consumer spending on durable goods.”
The 15-year fixed-rate mortgage averaged 4.31% with an average 0.8 point, down from last week when it averaged 4.43%. A year ago at this time, the 15-year FRM averaged 2.27%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.20% with an average 0.3 point, up from last week when it averaged 4.08%. A year ago at this time, the 5-year ARM averaged 2.59%.