The market

  • Rates fell sharply in the past week.
  • For the week ending May 31, Freddie Mac announced that 30-year fixed rates decreased to 4.56% from 4.66% the week before.
  • The average for 15-year loans fell to 4.06% and the average for five-year adjustables decreased to 3.80%.
  • A year ago, 30-year fixed rates averaged 3.94%.
  • Attributed to Sam Khater, Chief Economist, Freddie Mac --“The decline was driven by recent trade and geopolitical issues, which led to a sudden decrease in long-term Treasury yields. Meanwhile, confident American consumers shrugged off the market volatility, as purchase applications continued to trend higher from a year ago. Extremely low inventory conditions in most markets are preventing sales from breaking out, while also keeping price growth elevated. Even if rates climb closer to 5 percent, sales have room to grow more, but only if current supply levels start increasing more meaningfully.”

Note: Rates indicated do not include fees and points or FICO consideration and are provided for evidence of trends only. They should not be used for comparison purposes