Real Estate News

May Real Estate Roundup

Written By: Realty Times Staff
Thursday, July 02, 2020

Freddie Macs results of its Primary Mortgage Market Survey shows that "The 30-year fixed-rate mortgage has again hit the lowest level in our surveys nearly 50-year history, breaking the record for the third time in just the last few months. These unprecedented rates have certainly made an impact as purchase demand rebounded from a 35 percent year-over-year decline in mid-April to an 8 percent increase as of last weeka remarkable turnaround given the sharp contraction in economic activity. Additionally, refinance activity remains elevated and low mortgage rates have been accompanied by a 70,000 decline in the average loan size of refinance borrowers this year. This means a broader base of borrowers are taking advantage of the record low rate environment, which will benefit the economy."

30-year fixed-rate mortgage FRM averaged 3.15 percent with an average 0.8 points for the week ending May 28, 2020, down from last month when it averaged 3.33 percent. A year ago, at this time, the 30-year FRM averaged 3.99 percent.

15-year FRM this week averaged 2.62 percent with an average 0.7 points, down from last month when it also averaged 2.86 percent. A year ago, at this time, the 15-year FRM averaged 3.46 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage ARM averaged 3.13 percent this week with an average 0.4 points, down from last month when it averaged 3.28 percent. A year ago, at this time, the 5-year ARM averaged 3.60 percent.

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Updated: Tuesday, July 14, 2020

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