Mortgage rates for the week ending May 12, 2016 have dropped to new lows for 2016.
According to Freddie Mac, the 30 year fixed mortgage average is 3.57% this week with an average 0.5 point, lower than the previous week’s average of 3.61%. Last year at this time it averaged 3.85%.
The 15 year mortgage averaged 2.81% this week, down from last week’s average of 2.86%. Last year it averaged 3.07%.
The 5-year adjustable-rate mortgage (ARM) averaged 2.78%, lower than the previous week when it averaged 2.80%. A year ago, the 5-year ARM averaged 2.89 percent.
Freddie Mac’s chief economist, Sean Becketti had said this about the lates rate survey:
“Disappointing April employment data once again kept a lid on Treasury yields, which have struggled to stay above 1.8 percent since late March. As a result, the 30-year mortgage rate fell 4 basis points to 3.57 percent, a new low for 2016 and the lowest mark in 3 years. Prospective homebuyers will continue to take advantage of a falling rate environment that has seen mortgage rates drop in 14 of the previous 19 weeks.”
If you would like a live rate quote and/or to discuss other possible mortgage options, please call me, Erik Sandstrom, with Caliber Home Loans at 1-800-779-4547; or email me at Erik.Sandstrom@CaliberHomeLoans.com.
You can also search for rates online using the widget below.