SOURCE: Freddie Mac

Freddie Mac

May 21, 2015 10:00 ET

Mortgage Rates Little Changed

MCLEAN, VA--(Marketwired - May 21, 2015) - Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving just slightly lower following three consecutive weeks of increases.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.84 percent with an average 0.7 point for the week ending May 21, 2015, down from last week when it averaged 3.85 percent. A year ago at this time, the 30-year FRM averaged 4.14 percent.

  • 15-year FRM this week averaged 3.05 percent with an average 0.6 point, down from last week when it averaged 3.07 percent. A year ago at this time, the 15-year FRM averaged 3.25 percent.

  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.88 percent this week with an average 0.5 point, down from last week when it averaged 2.89 percent. A year ago, the 5-year ARM averaged 2.96 percent.

  • 1-year Treasury-indexed ARM averaged 2.51 percent this week with an average 0.4 point, up from last week when it averaged 2.48 percent. At this time last year, the 1-year ARM averaged 2.43 percent.

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 links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes
Attributed to Len Kiefer, deputy chief economist, Freddie Mac.

"Mortgage rates were little changed this week amid positive housing news. Housing starts surged 20.2 percent to a seasonally adjusted pace of 1.14 million units in April, the highest level since 2007. As homebuying season moves into full swing, home builders remain positive about home sales in the near future. Although the NAHB housing market index slipped 2 points to 54 in May it is still above 50, indicating that on balance builders remain optimistic about housing markets."

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog FreddieMac.com/blog.

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