It's the fourth week in a row that mortgage interest rates have declined to remain below 3 per cent. This week's Freddie Mac Primary Mortgage Market Survey found the 30-year fixed rate mortgage averaged 2.94 per cent.
Freddie Mac Chief Economist Sam Khater says since the most recent peak in April, mortgage rates have declined nearly a quarter of a per cent. Mortgage rates have remained below three per cent for the past month.
The low mortgage rate environment has added fuel to a hot housing market. But, Khater cautions interest rates may go higher this summer as consumer inflation has accelerated to its fastest pace in 12-years.
•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.