For the fifth consecutive week, mortgage rates inched down, lowering borrowing costs for home buyers and refinancers, Freddie Mac reports in its weekly mortgage market survey. This week’s national average on the 30-year fixed-rate mortgage sank to its lowest level since late October.
“Fixed mortgage rates eased a bit for the fifth consecutive week as reports that existing home sales are up 1.3 percent but not as much as expected,” says Frank Nothaft, Freddie Mac’s chief economist. “As the spring home buying season continues, we see stronger consumer confidence as house prices remain on the rise.”
Freddie Mac reports the following rate averages for the week ending May 29:
- 30-year fixed-rate mortgages: averaged 4.12 percent, with an average 0.6 point, down from 4.14 percent last week. Last year at this time, 30-year rates averaged 3.81 percent.
- 15-year fixed-rate mortgages: averaged 3.21 percent, with an average 0.5 point, dropping from 3.25 percent the previous week. A year ago, 15-year rates averaged 2.98 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.96 percent, with an average 0.3 point, holding the same as last week. Last year at this time, 5-year rates averaged 2.66 percent.
Source: Freddie Mac