Continuing to offer many homeowners the potential to refinance and increase their monthly cash flow, 30-year fixed-rate mortgage averaged 2.95% for the week ending May 27, moving lower from 3% recorded in prior week and down from 3.15% averaged in same period a year ago, according to the Freddie Mac Primary Mortgage Survey.
- "The central banks remain relatively undeterred by recent sharp increases in inflation and are confident in their ability to curb the impacts of rising prices without slamming the brakes of the economic recovery," Zillow economist Matthew Speakman commented.
- "In fact, homeowners who refinanced their 30-year fixed-rate mortgage in 2020 saved $2.8K+ annually. Substantial opportunity continues to exist today, as ~$2T+ in conforming mortgages have the ability to refinance and reduce their interest rate by at least half a percentage point," Freddie Mac's Chief Economist Sam Khater commented.
- 15-year FRM averages 2.27% down from prior week's 2.29% and 2.62% a year ago.
- 5-year Treasury-indexed hybrid adjustable rate mortgage averaged 2.59%, unchanged from prior week, and inching higher from 3.13% a year ago.
- Despite increased buying power that comes with lower rates, many Americans are struggling to find properties they can afford; sales of new homes declined in April by more than forecast, as the higher prices constrained demand.
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