Mortgage rates are at or below their lowest
for the year, according to Freddie Mac’s
weekly Primary Mortgage Market Survey (PMMS).
The week ending May 5 saw rates slipping downward,
down slightly from last week’s report,
and at record lows for the year.
Freddie Chief Economist Frank Nothaft stated,
“weaker economic data reports reduced
Treasury bond yields and allowed mortgage rates
to drift lower for the third consecutive week.”
Rates tend to track treasury yields, which have
been slipping in response to uncertain economic
According to the PMMS, 30-year, 15-year, and
adjustable rate mortgage rates were all down.
FHA and VA loans also experienced a dip.
Before recent declines, rates had been trending
upward, fueling speculation that the end of
historically low mortgage rates is imminent.
This recent dip presents an excellent opportunity
to take advantage of low rates as the economy
trudges toward recovery and rates inevitably
rise. This is great news for those seeking financing
as the home buying season begins.
to Albuquerque Mortgage News