Fixed mortgage rates hit yet another low for the year during the week ended May 12, according to Freddie Mac’s Primary Mortgage Market Survey.
The average rate for a 30-year, fixed-rate mortgage (FRM) was 3.57%, down from 3.61% the previous week. A year ago at this time, the 30-year FRM averaged 3.85%.
The average rate for a 15-year FRM was 2.81%, down from 2.86%. A year ago at this time, the 15-year FRM averaged 3.07%.
The average rate for a five-year, Treasury-indexed, hybrid adjustable-rate mortgage (ARM) was 2.78%, down from 2.80%. A year ago, the five-year ARM averaged 2.89%.
“Disappointing April employment data once again kept a lid on Treasury yields, which have struggled to stay above 1.8 percent since late March,” says Sean Becketti, chief economist for Freddie Mac, in a release. “As a result, the 30-year mortgage rate fell four basis points to 3.57 percent, a new low for 2016 and the lowest mark in three years. Prospective home buyers will continue to take advantage of a falling rate environment that has seen mortgage rates drop in 14 of the previous 19 weeks.”