“Since the most recent peak in April, mortgage rates have declined nearly a quarter of a percent and have remained under three percent for the past month,” said
Khater continued, “Additionally, the low mortgage rate environment has been a boon to the housing market but may not last long as consumer inflation has accelerated at its fastest pace in more than twelve years and may lead to higher mortgage rates in the summer.”
News Facts
- 30-year fixed-rate mortgage averaged 2.94 percent with an average 0.7 point for the week ending
May 13, 2021 , down from last week when it averaged 2.96 percent. A year ago at this time, the 30-year FRM averaged 3.28 percent. - 15-year fixed-rate mortgage averaged 2.26 percent with an average 0.6 point, down from last week when it averaged 2.30 percent. A year ago at this time, the 15-year FRM averaged 2.72 percent.
- 5-year
Treasury -indexed hybrid adjustable-rate mortgage (ARM) averaged 2.59 percent with an average 0.3 point, down from last week when it averaged 2.70 percent. A year ago at this time, the 5-year ARM averaged 3.18 percent.
The PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
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Angela_Waugaman@FreddieMac.com
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Primary Mortgage Market Survey®
U.S. weekly average mortgage rates as of May 13, 2021 .
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