HW Media connects and informs decision makers across the housing economy. Professionals rely on HW Media for breaking news, reporting, and industry data and rankings. Moving the Housing Market Forward.
Mortgage

Freddie Mac: After four consecutive weeks of rising, mortgage rates finally fall

The 30-year fixed-rate mortgage averaged 4.14% this week

After four weeks of consecutive gains, mortgage interest rates finally reversed course, according to the latest Freddie Mac Primary Mortgage Market Survey.

The 30-year fixed-rate mortgage averaged 4.14% for the week ending May 2, 2019, down from last week’s rate of 4.20%. A year ago, the rate was 4.55%.

Freddie Mac Chief Economist Sam Khater said labor economic data and slightly weaker inflation caused mortgage rates to dip this week.

“Moving into summer, we expect rates to be about a quarter to half a percentage point lower than where they were last year, which is good news for the housing market,” Khater said. “These lower rates combined with solid economic growth, low inflation and rebounding consumer confidence should provide a solid foundation for home sales to continue to improve over the next couple of months.”

The 15-year FRM averaged 3.60% this week, retreating from last week’s 3.64%. This time last year, the 15-year FRM sat significantly higher at 4.03%.

Lastly, the five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.68%, falling backwards from last week’s rate of 3.77%. This rate remains only slightly higher than the same time period in 2018, when it averaged 3.69%.

Freddie Mac: Mortgage Rates May 2

Most Popular Articles

Latest Articles

The Women of Influence Forum workshop: Learn how to create more seats at the table HW+

We know there’s no perfect 12-step plan to landing your dream life and career — wouldn’t that be nice. But, we hope this workshop at the Women of Influence Forum at least gives you a collaborative and supportive community of women who are dedicated to moving the housing industry forward.

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please