Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS), showing that mortgage rates were unchanged over the course of one week while the 30-year fixed mortgage rate remained at 4.55 percent, Freddie Mac announced.
“The minimal movement of mortgage rates in these last three weeks reflects the current economic nirvana of a tight labor market, solid economic growth and restrained inflation,” Freddie Mac Chief Economist Sam Khater said in the announcement. “As we head into late spring, the demand for purchase credit remains rock solid, which should set us up for another robust summer home sales season.
“While this year’s higher rates – up 50 basis points from a year ago – have put pressure on the budgets of some home shoppers, weak inventory levels are what is keeping the housing market from a stronger sales pace,” Khater added.
Some additional facts emerging from the Freddie mac report include:
- The 30-year fixed-rate mortgage (FRM) averaged 4.55 percent with an average 0.5 point for the week ending May 10, 2018 (unchanged from last week). A year ago at this time, the 30-year FRM averaged 4.05 percent;
- The 15-year FRM this week averaged 4.01 percent with an average 0.4 point, down from last week when it averaged 4.03 percent. A year ago at this time, the 15-year FRM averaged 3.29 percent; and
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.77 percent this week with an average 0.3 point, up from last week when it averaged 3.69 percent. A year ago at this time, the 5-year ARM averaged 3.14 percent.