Mortgage rates have moderated after climbing in April, according to Freddie Mac’s latest Primary Mortgage Market Survey.
The 30-year fixed-rate mortgage averaged 4.10% with an average 0.5 point last week. It inched down from 4.14% the week ending May 2. At the same period last year, the 30-year FRM average was 4.55%.
The average of the 15-year FRM was 3.57% with an average 0.4 point, down from 3.60% the prior week. The 15-year FRM averaged 4.01% during the same time the previous year.
Lastly, the five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.63% with an average 0.4 point, down from the week before. A year ago, the average of the five-year ARM was 3.77%.
“Investors wary of the current economic situation due to ongoing trade disputes resorted to the bond market, causing the 10-year treasury yield to decrease,” said Freddie Mac Chief Economist Sam Khater. “A combination of low mortgage rates, a strong job market and modest wage growth should spur homebuyer interest and also serve as an incentive for homeowners looking to refinance this spring.”