Interest rates are parked at a super low level, with no signs of budging.
Freddie Mac said Thursday that the 30-year fixed-rate mortgage averaged 3.28 percent for the week ending May 14, the seventh consecutive week that it has been below 3.35 percent.
“Mortgage rates have stabilized at very low levels over the last few weeks as homebuyer demand slowly improves,” said Sam Khater, Freddie Mac’s Chief Economist. “Although purchase applications reached a new low in mid-April, today purchase demand is only down ten percent from one year ago. While demand is improving, inventory is low and declining with no signs of a turnaround yet.”
The Primary Mortgage Market Survey found:
- The 30-year fixed-rate mortgage averaged 3.28 percent with an average 0.7 point, up slightly from last week when it averaged 3.26 percent. The 30-year FRM averaged 4.07 percent a year ago at this time.
- The 15-year fixed-rate mortgage averaged 2.72 percent with an average 0.7 point, down slightly from last week when it averaged 2.73 percent and down from last year’s 3.53 percent.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.18 percent with an average 0.3 point, up slightly from last week’s 3.17 percent and below last year’s 3.66 percent.
See the full report here.