Freddie Mac's results of its Primary Mortgage Market Survey® shows that "The 30-year fixed-rate mortgage has again hit the lowest level in our survey’s nearly 50-year history, breaking the record for the third time in just the last few months. These unprecedented rates have certainly made an impact as purchase demand rebounded from a 35 percent year-over-year decline in mid-April to an 8 percent increase as of last week—a remarkable turnaround given the sharp contraction in economic activity. Additionally, refinance activity remains elevated and low mortgage rates have been accompanied by a $70,000 decline in the average loan size of refinance borrowers this year. This means a broader base of borrowers are taking advantage of the record low rate environment, which will benefit the economy."
• 30-year fixed-rate mortgage (FRM) averaged 3.15 percent with an average 0.8 points for the week ending May 28, 2020, down from last month when it averaged 3.33 percent. A year ago, at this time, the 30-year FRM averaged 3.99 percent.
• 15-year FRM this week averaged 2.62 percent with an average 0.7 points, down from last month when it also averaged 2.86 percent. A year ago, at this time, the 15-year FRM averaged 3.46 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.13 percent this week with an average 0.4 points, down from last month when it averaged 3.28 percent. A year ago, at this time, the 5-year ARM averaged 3.60 percent.