For the first time since January 2018, the 30-year fixed-rate mortgage has dropped below 4%.
“Lower rates should, however, give a boost to the housing market, which has been on the upswing with both existing- and new-home sales picking up recently,” says Sam Khater, with Freddie Mac.
Freddie Mac reports the following for the week ending May 30:
- 30-year fixed-rate mortgages: averaged 3.99%, with an average 0.5 point, dropping from last week’s 4.06% average. Last year at this time, 30-year rates averaged 4.56%.
- 15-year fixed-rate mortgages: averaged 3.46%, with an average 0.5 point, dropping from last week’s 3.51% average. A year ago, they averaged 4.06%.