Rates Stay Near the Bottom

May 12, 2020
Low Rates
Rates remained near record lows in the past week, as negative economic data continued to dominate the headlines.

 

For the week ending May 7, Freddie Mac announced that 30-year fixed rates moved up to 3.26% from 3.23% the week before. The average for 15-year loans decreased to 2.73% and the average for five-year ARMs rose to 3.17%. A year ago, 30-year fixed rates averaged 4.10%, more than 0.75% higher than today. "Rates on home loans stayed at or near record lows for the fifth straight week and homeowners are taking advantage with refinance activity remaining high. Although purchase demand declined thirty-five percent year-over-year in mid-April, demand has improved modestly over the last three weeks," said Sam Khater, Chief Economist, Freddie Mac.

Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices for Adjustable Rate Mortgages
Updated May 9, 2020

 

Daily Value

Monthly Value

 

May 8

April

6-month Treasury Security

0.14%

0.17%

1-year Treasury Security

0.15%

0.18%

3-year Treasury Security

0.19%

0.28%

5-year Treasury Security

0.29%

0.39%

10-year Treasury Security

0.63%

0.66%

12-month LIBOR

 

0.836% (Apr)

12-month MTA

 

1.504% (Apr)

11th District Cost of Funds

 

0.884% (Mar)

Prime Rate

 

3.25% (March)