Mortgage rates dropped to a new 2017 low for the week ending May 25, 2017, according to the latest Freddie Mac report.
Freddie Mac reported the 30 year fixed mortgage average was 3.95% with an average 0.5 point, down from last week’s average 4.02%. It was at a 3.64% average for the same time period last year.
Average rates for the 15-year mortgage was at 3.19%, down big time from the previous week’s average of 3.27%. Last year’s average for the same time period was 2.89%.
5-year adjustable-rate mortgage (ARM) average rates were 3.07%, with an average 0.4 point, a decrease from last week’s average 3.13%. A year ago, the 5-year ARM averaged 2.87%.
Sean Becketti, Freddie Mac’s chief economist had issued this statement:
“As we predicted, the 30-year mortgage rate fell 7 basis points this week in a delayed reaction to last week’s sharp drop in Treasury yields. The survey rate stands at 3.95 percent today, a new low for the year.”
Here are the rates from some of the nation’s top lenders’ websites.
Bank of America’s 30-year fixed is 3.875% and the 15-year mortgage is 3.125%. The 10/1 ARM is 3.375% and the 5/1 ARM is 2.75%.
Today at Wells Fargo, the 30-year fixed mortgage purchase rate is 4.125% and the 15-year fixed is 3.375%. The 30-year refinance rate is 4.25% and the 15-year mortgage is 3.375%.
Chase Mortgage is reporting its 30-year fixed rate for the purchase mortgage rate is 3.875% and the 15 year is 3.125%. 30-year fixed mortgage refinance rates are at 3.875% and the 15-year fixed is at 3.125%.
The rates quoted above are quoted directly from the lender’s website. They are not guaranteed until lock-in with the respective lender.
If you would like a live rate quote and/or to discuss other possible mortgage options with Prime Lending, please call me, Erik Sandstrom, at 1-800-779-4547; or email me at Erik.Sandstrom@PrimeLending.com.