Continuing Downtrend for Mortgage Rates

By RISMedia Staff


Mortgage rates tumbled this week, according to Freddie Mac's latest Primary Mortgage Market Survey® (PMMS®). The average 30-year, fixed rate is 4.28 percent; the average 15-year, fixed rate is 3.71 percent; and the average five-year, Treasury-indexed hybrid adjustable rate is 3.84 percent.
 
"Mortgage rates have dipped quite dramatically since the start of the year and house prices continue to moderate, which should help on the homebuyer affordability front," says Sam Khater, chief economist at Freddie Mac. "The combination of improving affordability and more inventory than the last few spring selling seasons should lead to improved home sales demand."
 
30-Year Fixed

  • Averaging 4.28 percent, with an average 0.4 point
  • Down from 4.31 percent the prior week and 4.45 percent the prior year 

15-Year Fixed

  • Averaging 3.71 percent, with an average 0.4 point
  • Down from 3.76 percent the prior week and 3.91 percent the prior year 

5-Year Adjustable

  • Averaging 3.84 percent, with an average 0.3 point
  • No change from the prior week, but up from 3.68 percent the prior year 

Source: Freddie Mac

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Reprinted with permission from RISMedia. ©2019. All rights reserved.