Mortgage Rates Drop For Second Consecutive Week

(RTTNews) - Mortgage rates, or interest rates on home loans, dropped for the second consecutive week, according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 5.10 percent for the week ending May 26, 2022, down from 5.25 percent last week. A year ago at this time, the average rate was 2.95 percent.

The 15-year FRM this week averaged 4.31 percent, down from 4.43 percent last week. A year ago at this time, the 15-year FRM averaged 2.27 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 4.20 percent, up from 4.08 percent last week. It was 2.59 percent a year ago.

"Mortgage rates decreased for the second week in a row due to multiple headwinds that the economy is facing," said Sam Khater, Freddie Mac's Chief Economist. "Despite the recent moderation in rates, the housing market has clearly slowed, and the deceleration is spreading to other segments of the economy, such as consumer spending on durable goods."