Rates eased back near their record lows last week.
For the week ending May 21, Freddie Mac announced that 30-year fixed rates moved down to 3.24% from 3.28% the week before. The average for 15-year loans decreased to 2.70% and the average for five-year ARMs fell one tick to 3.17%. A year ago, 30-year fixed rates averaged 4.06%, more than 0.75% higher than today. "For the fourth consecutive week, 30-year fixed-rates have been below 3.30 percent, giving potential buyers a good reason to continue shopping even amid the pandemic. As states reopen, we’re seeing purchase demand improve remarkably fast, now essentially flat relative to a year ago. Going forward, rates have room to decline as spreads remain elevated," 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 22, 2020
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Daily Value
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Monthly Value
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May 21
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April
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6-month Treasury Security
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0.14%
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0.17%
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1-year Treasury Security
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0.16%
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0.18%
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3-year Treasury Security
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0.21%
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0.28%
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5-year Treasury Security
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0.35%
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0.39%
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10-year Treasury Security
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0.68%
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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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