Fixed-rate mortgages slightly declined during the week ending May 16, according to the results of Freddie Mac’s Primary Mortgage Market Survey.
Rates for the 30-year fixed-rate mortgage averaged 4.07% with an average 0.5 point, down from 4.10%. The 30-year FRM averaged 4.61% in the same period last year.
The 15-year FRM averaged 3.53% with an average 0.4 point, slightly down from 3.57%. A year ago at this time, the mortgage averaged 4.08%.
The average for the five-year Treasury-indexed hybrid adjustable-rate mortgage rose to 3.66% with an average 0.4 point, up from 3.63%. The five-year ARM averaged 3.82% in the same week last year.
“Modestly weaker consumer spending and manufacturing data, along with continued jitters around trade policy, caused interest rates to decline throughout the yield curve,” said Freddie Mac Chief Economist Sam Khater. “While signals from the financial markets are flashing caution signs, the real economy remains on solid ground with steady job growth and five-decade low unemployment rates, which will drive up home sales this summer.”