Average fixed-rate mortgages moved slightly lower this week, a welcome reversal following three consecutive weeks of increases.
Freddie Mac reports the following national averages for the week ending May 21:
- 30-year fixed-rate mortgages: averaged 3.84 percent, with an average 0.7 point, dropping from last week’s 3.85 percent average. Last year at this time, 30-year rates averaged 4.14 percent.
- 15-year fixed-rate mortgages: averaged 3.05 percent, with an average 0.6 point, dropping from last week’s 3.07 percent average. A year ago, 15-year rates averaged 3.25 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.88 percent, with an average 0.5 point, dropping from last week’s 2.89 percent average. Last year at this time, 5-year ARMs averaged 2.96 percent.
Source: Freddie Mac