Mortgage Rates Hover Near All-Time Lows: Buyers Cash In
Mortgage rates are sliding to jaw-dropping lows as COVID worsens, and homebuyers are poised to save tens (or hundreds) of thousands.
The 30-year fixed-rate mortgage inched up slightly this week to average 3.26% but remains near its record low. “Mortgage rates stayed at or near record lows for the fifth straight week and homeowners are taking advantage with refinance activity remaining high,” says Sam Khater, Freddie Mac’s chief economist.
Freddie Mac reports the following national averages with mortgage rates for the week ending May 7, 2020:
30-year fixed-rate mortgages averaged 3.26%, up from last week’s 3.23% average. Last year at this time, 30-year rates averaged 4.10%.
15-year fixed-rate mortgages averaged 2.73%, falling from last week’s 2.77%. A year ago, 15-year rates averaged 3.57%.
5-year hybrid adjustable-rate mortgages averaged 3.17%, rising from last week’s 3.14% average. A year ago, 5-year ARMs averaged 3.63%.
Freddie Mac reports average commitment rates along with the average fees to reflect the total upfront cost of obtaining a mortgage.
Christy Rosen Clement is a Pricing Strategy Advisor®, Seller Representative Specialist®, Military Relocation Professional® and REALTOR® at Palermo Real Estate Professionals in South Tampa
