HOMZ - Mortgage rates inch down to 5.25% still above 5% mark

30-year fixed-rate mortgage averaged 5.25% with an average 0.9 point for the week ending May. 19, 2022, down from last week when it averaged 5.30%; higher than 3% a year ago, according to the Freddie Mac Primary Mortgage Survey. "As a result, purchase demand is waning, and homebuilder sentiment has dropped to the lowest level in nearly two years. Builders are also dealing with rising costs, meaning this posture is likely to continue," chief economist Sam Khater commented. 15-year fixed-rate mortgage averaged 4.43% with an average 0.9 point, down from last week when it averaged 4.48% and a year ago at this time, the 15-year FRM averaged 2.29%. 5-year Treasury indexed hybrid adjustable-rate mortgage averaged 4.08% with an average 0.2 point, up from last week when it averaged 3.98% and a year ago at this time, the 5-year ARM averaged 2.59%. In early May, Fed raised its benchmark interest rate by

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Mortgage rates inch down to 5.25%, still above 5% mark