Mortgage rates continued to show little sign of movement for the week ending May 8, according to the latest weekly survey from mortgage financier Freddie Mac.
Freddie Mac vice president and chief economist Frank Nothaft said that despite a weak housing market, mortgage rates saw little movement because of better-than-expected economic data, but noted that a smaller percentage of Americans are homeowners this year.
The traditional 30-year fixed-rate mortgage averaged 6.05 percent, down from 6.06 percent a week earlier, while the 15-year edged up to 5.60 percent from 5.59.
Adjustable-rate mortgages weren’t much different, with the average one-year ARM unchanged from last week and the 5/1 ARM down to 5.67 percent from 5.73 percent.
A year ago, the 30-year averaged 6.15 percent, the 15-year 5.87 percent, the one-year 5.48 percent, and the 5/1 ARM 5.89 percent.
On a bright note, lender fees dipped to 0.3 percent on fixed-rate mortgages, down from a half-point last week, and fees of 0.5 percent on 5/1 ARMs and 0.6 percent on one-year ARMs remained unchanged.
(photo: binkley27)
