Mortgage Rate Update May 19, 2016

Posted by Cathy M. Kahn on Thursday, May 19th, 2016 at 12:31pm.

Freddie Mac today released the results of its Primary Mortgage Market Survey®, showing average fixed mortgage rates holding near 2016 lows.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.58 percent with an average 0.6 point for the week ending May 19, 2016, up from last week when it averaged 3.57 percent. A year ago at this time, the 30-year FRM averaged 3.84 percent. 
  • 15-year FRM this week averaged 2.81 percent with an average 0.5 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 3.05 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.80 percent this week with an average 0.5 point, up from last week when it averaged 2.78 percent. A year ago, the 5-year ARM averaged 2.88 percent.

Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.

"The 10-year Treasury yield saw minimal movement over the past week, despite encouraging news from April's consumer spending and CPI data. Accordingly, the 30-year mortgage rate moved up just 1 basis point from its 2016 low to 3.58 percent. Although there was minimal change in rates this week, the hawkish tone of Wednesday's Fed minutes release had an immediate impact on Treasury yields, and could possibly shake up next week's survey results."

Request for one of my lending partners to contact you to get pre-qualified:

http://www.agent757homesearch.com/mortgage-pre-approval.php 

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