Mortgage Rates Drop Slightly

Mortgage rates, or interest rates on home loans, dropped slightly from last week, impacted by "economic uncertainty," 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 5.25 percent for the week ending May 19, 2022, down from 5.30 percent last week. A year ago at this time, the average rate was 3.00 percent.

The 15-year FRM this week averaged 4.43, down from 4.48 percent last week. A year ago at this time, the 15-year FRM averaged 2.29 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 4.08 percent, up from 3.98 percent last week. It was 2.59 percent a year ago.

"Economic uncertainty is causing mortgage rate volatility," said Sam Khater, Freddie Mac's Chief Economist. "As a result, purchase demand is waning, and homebuilder sentiment has dropped to the lowest level in nearly two years. Builders are also dealing with rising costs, meaning this posture is likely to continue."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Longmont Colorado -based Royal Crest Dairy is recalling 2% Chocolate Milk citing the potential to be contaminated with undeclared egg, a known allergen, the U.S. Food and Drug Administration said. The recall involves Farmer's 2% Reduced Fat Chocolate Milk Pints with the code date of AUG-22. ANI Pharmaceuticals, Inc. (ANIP) Monday announced a wider loss for the second quarter, despite a 52 percent surge in revenues. For the full year 2022, the company reiterated the adjusted earnings per share range, revenue guidance and raised Cortrophin revenue outlook. The company reported a quarterly... Shares of BioNTech SE were losing around 4 percent in the morning trading in Germany and around 5 percent in the pre-market activity on Nasdaq after the German Covid-19 vaccine maker reported sharp drop in profit and revenues for the second quarter. However, the company recorded strong growth in first-half results. Further, the company maintained BioNTech COVID-19 vaccine revenue guidance
Follow RTT