Rates moved lower in the past week, though they did trend a bit higher after the survey was released.
For the week ending May 27, Freddie Mac announced that 30-year fixed rates decreased to 2.95% from 3.00% the week before. The average for 15-year loans fell to 2.27% and the average for five-year ARMs remained at 2.59%. A year ago, 30-year fixed rates averaged 3.15%, 0.20% higher than today. Attributed to Sam Khater, Chief Economist, Freddie Mac - "Mortgage rates are down below three percent, continuing to offer many homeowners the potential to refinance and increase their monthly cash flow. In fact, homeowners who refinanced their 30-year fixed-rate loan in 2020 saved more than $2,800 dollars annually. Substantial opportunity continues to exist today, as nearly $2 trillion in conforming loans have the ability to refinance and reduce their interest rate by at least half a percentage point.”
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 Rates
Updated May 28, 2021
with
|
Daily Value
|
Monthly Value
|
|
May 27
|
April
|
|
6-month Treasury Security
|
0.04%
|
0.04%
|
|
1-year Treasury Security
|
0.04%
|
0.06%
|
|
3-year Treasury Security
|
0.31%
|
0.35%
|
|
5-year Treasury Security
|
0.81%
|
0.86%
|
|
10-year Treasury Security
|
1.61%
|
1.64%
|
|
12-month LIBOR
|
|
0.283% (April)
|
|
12-month MTA
|
|
0.118% (April)
|
|
11th District Cost of Funds
|
|
0.377% (March)
|
|
Prime Rate
|
|
3.25% (3/20)
|