Fixed Mortgage Interest Rates Decline for 3rd Consecutive Week

Freddie Mac’s Primary Mortgage Market Survey (PMMS) for the week ending May 15th marked the third consecutive week of declines in the average 30-year fixed rate mortgage (FRM) interest rate. Averaging at 4.21% last week, the 30-year FRM averaged 4.20% this week, but was up from 3.51% the same time last year.

The average 15-year FRM interest rates have also seen consecutive declines over the last three weeks. This week the 15-year FRM averaged 3.29%, down from 3.32% the prior week. At the same time last year, the 15-year FRM was 2.69%.

Freddie Mac says that both FRM interest rates are at a six month low. Frank Nothaft, Vice President and Chief Economist for Freddie Mac stated, “Mortgage rates were little changed amid a week of light economic reports. These lower than expected rates are welcome news with the spring home buying season underway and may even provide those who haven’t already refinanced possibly a reason to take another look.” Read more at http://mwne.ws/1lIGYsw.

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