Mortgage rates remained relatively stable for the third consecutive week, according to the latest Freddie Mac Primary Mortgage Market Survey.
After rising each week from the beginning of January to the middle of March, mortgage rates have remained in a holding pattern, with only moderate jumps and declines in the last two months.
“The minimal movement of mortgage rates in these last three weeks reflects the current economic nirvana of a tight labor market, solid economic growth and restrained inflation,” said Sam Khater, Freddie Mac’s chief economist. “As we head into late spring, the demand for purchase credit remains rock solid, which should set us up for another robust summer home sales season.”
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For the week ending May 10, the average rate on a 30-year fixed mortgage remained unchanged from the week before at 4.55 percent. A year ago at this time, 30-year rates were averaging about 4.05 percent.
According to the survey, the average 15-year fixed rate was 4.01 percent last week. That was down slightly from 4.03 percent the week before. Last year’s 15-year average fixed rate was 3.29 percent.
The rate on 5-year Treasury-indexed hybrid adjustable-rate mortgages (ARM) averaged 3.77 percent the past week. This was up fairly significantly from 3.69 percent the previous week. A year ago, it was 3.14 percent.