logo
Plus   Neg
Share
Email

Mortgage Rates Stabilizes At Low Levels

Mortgage rates, or interest rates on home loans, has stabilized at low levels, according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 3.28 percent for the week ending May 14, 2020, up from 3.26 percent last week. A year ago at this time, the average rate was 4.07 percent.

The 15-year FRM this week averaged 2.72 percent, down from 2.73 percent last week. A year ago at this time, the 15-year FRM averaged 3.53 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 3.18 percent, up from 3.17 percent last week. It was 3.66 percent a year ago.

"Mortgage rates have stabilized at very low levels over the last few weeks as homebuyer demand slowly improves," said Sam Khater, Freddie Mac's Chief Economist. "Although purchase applications reached a new low in mid-April, today purchase demand is only down ten percent from one year ago. While demand is improving, inventory is low and declining with no signs of a turnaround yet."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Elon Musk, the founder and CEO of Space Exploration Technologies, or SpaceX, said the aerospace company is planning to list its space internet venture, Starlink, after many years when revenue growth is smooth and predictable. In a tweet, Musk said, "We will probably IPO Starlink, but only several years in the future when revenue growth is smooth & predictable. Public market does *not* like erratic It's again that day of the year when coffee lovers celebrate their passion for the caffeinated beverage. It is National Coffee Day today in the U.S. when major food and beverage outlets nationwide promote the coffee culture with deals for coffee fans. In the U.S., major coffee outlets such as Starbucks, Dunkin' Donuts, Wawa, Krispy Kreme, Wendy's and Panera Bread give away free cups of coffee. The state of Ohio ordered General Motors to repay $28 million in tax credits after closing the Lordstown plant, which was in agreement to be operated until 2040. The Ohio Tax Credit Authority said the closure violated the terms of two economic development agreements signed by the company. In separate development, GM announced it is investing $71 million in two other Ohio manufacturing facilities.
Follow RTT