After hitting record lows in April, purchase demand is now only 10% lower than this time last year.
For the week ending May 14, Freddie Mac announced that 30-year fixed rates moved up two ticks to 3.28% from 3.26% the week before. The average for 15-year loans decreased one tick to 2.72% and the average for five-year ARMs rose one tick to 3.18%. A year ago, 30-year fixed rates averaged 4.07%, more than 0.75% higher than today. "Rates on home loans have stabilized at very low levels over the last few weeks as homebuyer demand slowly improves. Although purchase applications reached a new low in mid-April, today purchase demand is only down ten percent from one year ago. While demand is improving, inventory is low and declining with no signs of a turnaround yet," said Sam Khater, Chief Economist, Freddie Mac.
Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
Current Indices for Adjustable Rate Mortgages
Updated May 16, 2020
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Daily Value
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Monthly Value
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May 15
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April
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6-month Treasury Security
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0.15%
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0.17%
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1-year Treasury Security
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0.15%
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0.18%
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3-year Treasury Security
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0.20%
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0.28%
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5-year Treasury Security
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0.31%
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0.39%
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10-year Treasury Security
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0.63%
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0.66%
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12-month LIBOR
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0.836% (Apr)
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12-month MTA
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1.504% (Apr)
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11th District Cost of Funds
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0.884% (Mar)
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Prime Rate
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3.25% (March)
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