Freddie Mac's results of its Primary Mortgage Market Survey® shows that "despite the recent rise in mortgage rates, both existing and new home sales continue to show strength – indicating the lagged effect of lower rates on housing demand. This, along with improved affordability, should push housing activity higher in the coming months."

• 30-year fixed-rate mortgage (FRM) averaged 4.06 percent with an average 0.5 points for the week ending May 24, 2019, down from last month when it averaged 4.20 percent. A year ago, at this time, the 30-year FRM averaged 4.66 percent.

• 15-year FRM this week averaged 3.51 percent with an average 0.4 points, down from last month when it also averaged 3.64 percent. A year ago, at this time, the 15-year FRM averaged 4.15 percent.

• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.68 percent this week with an average 0.4 points, down from last month when it averaged 3.77 percent. A year ago, at this time, the 5-year ARM averaged 3.87 percent.