McLEAN, VA – Freddie Mac yesterday released the results of its Primary Mortgage Market Survey, which showed average fixed mortgage rates (FRM) falling for the third consecutive week following disappointing April employment data. Mortgage rates are at their low point for the year.
The 30-year FRM averaged 3.57 percent with an average 0.5 point for the week ending May 12, down from last week when it averaged 3.61 percent. A year ago at this time, it averaged 3.85 percent.
The 15-year FRM averaged 2.81 percent with an average 0.5 point, down from last week when it averaged 2.86 percent. A year ago at this time, the 15-year FRM averaged 3.07 percent.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.78 percent this week with an average 0.5 point, down from last week when it averaged 2.8 percent. It averaged 2.89 percent a year ago.
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