TMHC - Mortgage rates inch down further lower

"Since the most recent peak in April, mortgage rates have declined nearly a quarter of a percent and have remained under 3% for the past month," Freddie Mac’s Chief Economist Sam Khater commented.30-year fixed-rate mortgage averages 2.94% for the week ending May 13, marginally lower from 2.96% recorded in prior week and down from 3.28% averaged in same period a year ago, according to the Freddie Mac Primary Mortgage Survey."Low rates offer homeowners an opportunity to lower their monthly payment by refinancing and our most recent research shows that many borrowers, especially Black and Hispanic borrowers, who could benefit from refinancing still aren’t pursuing the option," Khater further added.15-year FRM averages 2.26% down from prior week's 2.30% and 2.72% a year ago.5-year Treasury-indexed hybrid adjustable rate mortgage averaged 2.59%, down from last week's 2.70%, and down from 3.18% a year ago.Low mortgage rate environment indicates a boon for the housing market but may not last long as consumer

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Mortgage rates inch down further lower