Freddie Mac’s weekly Primary Mortgage Market Survey showed that during the week ending May 27:
Rates on
30-year fixed-rate mortgages averaged 2.95 percent with an average 0.7 point, down from 3.00 percent last week and 3.15 percent a year ago. Rates on 30-year fixed-rate mortgages bottomed out at 2.65 percent week ending Jan. 7, 2021, an all-time low in Freddie Mac records dating to 1971.
For
15-year fixed-rate mortgages, rates averaged 2.27 percent with an average 0.6 point, down from 2.29 last week and 2.62 percent a year ago. Rates on 15-year fixed rate mortgages also bottomed at 2.16 percent during the week ending Jan. 7, 2021, an all-time low in records dating to 1991.
Rates on
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Freddie Mac: Mortgage Rates Continue to Decline
Since the most recent peak in April, mortgage rates have declined nearly a quarter of a percent and have remained under 3% for the past month, said Sam Khater, Freddie Mac s chief economist. Low rates offer homeowners an opportunity to lower their monthly payment by refinancing and our most recent research shows that many borrowers, especially Black and Hispanic borrowers, who could benefit from refinancing still aren t pursuing the option.
Khater continued, Additionally, the low mortgage rate environment has been a boon to the housing market but may not last long as consumer inflation has accelerated at its fastest pace in more than 12 years and may lead to higher mortgage rates in the summer.