Mortgage Rates Drop to New Low for the Year

Mortgage Rates Drop to New Low for the Year

Freddie Mac’s latest Primary Mortgage Market Survey showed that rates dropped to the lowest levels in 2017 against a sharp drop in Treasury yields. Rates are still higher than they were during the same week in 2016.

Rates for the week of May 25, 2017 were:

  • 30-Year Fixed-Rate Mortgage (FRM): Averaged 3.95%, down from last week when it averaged 4.02%. A year ago at this time, the 30-year FRM averaged 3.64%.
  • 15-Year FRM: Averaged 3.19%, down from last week when it averaged 3.27%. A year ago at this time, the 15-year FRM averaged 2.89%.
  • 5-year Adjustable-Rate Mortgage (ARM): Averaged 3.07%, down from last week when it averaged 3.13%. A year ago at this time, the 5-year ARM averaged 2.87%.