Despite mounting global economic tension, mortgage interest rates are holding steady, according to the latest Freddie Mac Primary Mortgage Market Survey.
The 30-year fixed-rate mortgage averaged 4.07% for the week ending May 16, 2019, down from last week’s rate of 4.10%. A year ago, the rate was 4.61%.
“Modestly weaker consumer spending and manufacturing data, along with continued jitters around trade policy, caused interest rates to decline throughout the yield curve,” Freddie Mac Chief Economist Sam Khater said. “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.”
The 15-year FRM averaged 3.53% this week, retreating slightly from last week’s 3.57%. This time last year, the 15-year FRM came in at 4.08%.
Lastly, the five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.66%, rising from last week’s rate of 3.63%. This rate remains below the same time period in 2018 when it averaged 3.82%.
The image below highlights this week’s changes: