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
Integrated energy company Chevron reported Friday that profit for the fourth quarter increased 25 percent from last year, reflecting 17 percent revenue growth amid higher realizations and higher margins on refined product sales. Adjusted earnings per share missed analysts' estimates, while quarterly revenues topped it. Reno, Nevada-based ZLINE Kitchen and Bath has expanded its recall of gas ranges citing serious risk of injury or death from carbon monoxide poisoning, the U.S. Consumer Product Safety Commission announced. The recall now includes about 30,000 units of ZLINE gas ranges, including about 28,000 units... The Food and Drug Administration's independent advisory committee unanimously recommended replacing the current original COVID vaccines used in the U.S. for primary shots with new bivalent omicron shots authorized as boosters, reports said. The committee also considered the proposal for annual COVID vaccination, however, didn't vote on it.
Follow RTT