Freddie Mac: Mortgage Rates Drop Slightly in May 9th Report

Freddie Mac released the results of its Primary Mortgage Market Survey^® (PMMS^®), showing that mortgage rates moderated after rising in April.

Sam Khater, Freddie Mac’s chief economist, says, “Investors wary of the current economic situation due to ongoing trade disputes resorted to the bond market, causing the 10-year treasury yield to decrease. A combination of low mortgage rates, a strong job market and modest wage growth should spur homebuyer interest and also serve as an incentive for homeowners looking to refinance this spring.”

News Facts

-30-year fixed-rate mortgage (FRM) averaged 4.10 percent with an average 0.5 point for the week ending May 9, 2019, down from last week when it averaged 4.14 percent. A year ago at this time, the 30-year FRM averaged 4.55 percent.

-15-year FRM this week averaged 3.57 percent with an average 0.4 point, down from last week when it averaged 3.60 percent. A year ago at this time, the 15-year FRM averaged 4.01 percent.

-5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.63 percent with an average 0.4 point, down from last week when it averaged 3.68 percent. A year ago at this time, the 5-year ARM averaged 3.77 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Borrowers may still pay closing costs which are not included in the survey.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers.

Contact:

Nicole Flores – Nicole_Flores@FreddieMac.com – (703) 903-4068

Source: Freddie Mac