Mortgage rates remain at record lows in late May

Mortgage records from Freddie Mac indicate home loan rates remained roughly or exactly at their historic lows during the week ending May 24.

Mortgage records from Freddie Mac indicate home loan rates remained roughly or exactly at their historic lows during the week ending May 24.

According to the government-sponsored enterprise's Primary Mortgage Market Survey, the average rate for a 30-year fixed-rate mortgage declined modestly, falling from 3.79 to 3.78 percent on a weekly basis.

Meanwhile, the average rate for a 15-year FRM stayed even from the week before at 3.04 percent, the report indicates.

"Mortgage rates were virtually unchanged this week with fixed-rate loans remaining at record lows and helping to drive homebuyer affordability," said Frank Nothaft, vice president and chief economist for Freddie Mac.

Nothaft noted the National Association of Realtors' Housing Affordability Index reaching a record high earlier in May, which he stated should lead to improved sales.

Though home prices continue to offer buyers affordable opportunities, the Federal Housing Finance Agency's House Price Index shows prices climbed in the first quarter of the year from the previous three-month period. Prices climbed 0.6 percent on a quarterly basis.



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