30-year mortgage rate stays below 3.3% for four straight weeks

The 30-year fixed-rate mortgage rate averages 3.24% for the week ending May 21, down from 3.28% in the previous week and 4.06% at this time a year ago, according to the Freddie Mac Primary Mortgage Market Survey.

Freddie Mac Chief Economist Sam Khater says that gives potential homebuyers good reason to continue shopping amid the pandemic.

“As states reopen, we’re seeing purchase demand improve remarkably fast, now essentially flat relative to a year ago. Going forward, mortgage rates have room to decline as mortgage spreads remain elevated,” he said.

15-year FRM averages 2.70%, down from 2.72% in the prior week and 3.51% a year ago.

5-year Treasury-indexed hybrid adjustable rate mortgage averages 3.17%, down from 3.18% a week earlier and 3.68% a year ago.