Freddie Mac reports the following national averages with mortgage rates for the week ending May 19:
30-year fixed-rate mortgages: averaged 5.25%, with an average 0.9 point, dropping from last week’s 5.30% average. Last year at this time, 30-year rates averaged 3%.
15-year fixed-rate mortgages: averaged 4.43%, with an average 0.9 point, falling from last week’s 4.48% average. A year ago, 15-year rates averaged 2.29%.
5-year adjustable-rate mortgages: averaged 4.08%, with an average 0.2 point, rising from last week’s 3.98% average. A year ago, 5-year ARMs averaged 2.59%.
We always recommend contacting two local lenders to see what type of loan is best for you. Also what type of loan best fits the home and your ownership plans.
Source: Freddie Mac and “Instant Reaction: Mortgage Rates, May 19, 2022,” National Association of REALTORS® Economists’ Outlook blog