30-year fixed avg rate down 0.07% on week, down 0.56% on year — in 3% range, first time since Jan ‘18

Freddie Mac reports the following national averages with mortgage rates for the week ending May 30:

30-year fixed-rate mortgages

  • Averaged 3.99%, with an average 0.5 point,
  • Down from last week’s 4.06% average
  • This week in 2018, 30-year rates averaged 4.56%

15-year fixed-rate mortgages

  • Averaged 3.46%, with an average 0.5 point
  • Down from a 3.51% average last week
  • One year ago, 15-year rates averaged 4.06%

5-year hybrid adjustable-rate mortgages

  • Averaged 3.60%, with an average 0.4 point
  • Up from last week’s 3.68% average
  • Last year at this time, 5-year ARMs averaged 3.80%

Freddie Mac’s chief economist, Sam Khater, had this to say,

“While economic data points to continued strength, financial sentiment is weakening with the spread between the 10-year and the 3-month Treasury bill narrowing as fears of the impact of the trade war with China grow. 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.”

Source: Freddie Mac

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