Mortgage Rates Take a Slight Drop

May 18, 2017

Mortgage rates began 2018 on the decline, according to Freddie Mac’s latest Primary Mortgage Market Survey (PMMS)

Mortgage rates were on the decline, according to Freddie Mac’s Primary Mortgage Market Survey (PMMS) for the week ending May 18.

The 30-year fixed-rate mortgage (FRM) averaged 4.02 percent, down from last week when it averaged 4.05 percent. The 15-year FRM this week averaged 3.27 percent, down from last week when it averaged 3.29 percent. And the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.13 percent this week, down from last week when it averaged 3.14 percent.

Sean Becketti, chief economist at Freddie Mac, forecast more rate declines were on the way. “This week's survey closed prior to Wednesday's flight to quality,” he said. “The delayed impact of the associated decline in Treasury yields may push mortgage rates lower in next week's survey.”

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Phil Hall

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May 18, 2017

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