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.