The Home Buyer's Korner

Information presented should be used for educational purposes only.

May 27th, 2015

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Average Mortgage Rates for May 21st, 2015


Although mortgage rate dropped slightly last week as reported by FNMA Mortgage Rates Survey mortgage applications came in lower again last week.

Data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey show applications were down 1.5 percent for the fourth consecutive week.

Mortgage rates dropped only 1 basis point last week, and for the average 30-year fixed rates mortgage, but U.S. Treasury rates increased to a recent high at mid week before falling at the end of the week. Overall home purchase with mortgages fell for the week, along with the conventional refinance market, but mortgage insured by FHA, USDA, and VA increased in the refinancing sector. The level of purchase applications remained at 11 percent, which was higher than the same week last year. The drop in applications may indicate both home buyers and home owners wary of the recent run up in mortgage rates.

The Refinance Index increased 0.3 percent, sending the refinance share of mortgage activity up to 52 percent of total applications from 51 percent for the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 6.4 percent of total applications.



  1. The average rate for 30-year fixed-rate mortgages fell 1 basis points from 3.85 percent% to 3.85 percent. with fees and point at 0.70 from 0.60 percent. 
  2. The average contract interest rate for 15-year fixed-rate mortgages dropped to 3.05 percent from 3.07 percent, but fees and point increased from 0.50 to 0.60 percent.
  3. The average rate for 5/1 ARMs increased 1 basis point to 2.88 percent, with fees and points remaining the same at 0.50 percent.
  4. The average rate for a One Year ARM increased 3 basis point from 2.48 percent to 2.52 percent, with fees and point remaining the same at 0.40 percent. 

Each week Freddie Mac asks lenders about terms they are offer solid home buyers with stellar credit seeking mortgages up to $417,000. The survey provides a consistent gauge of mortgage trends, but actual rates may change rapidly and are influenced by many factors, including a home buyer FICO score, debt loads and down payments.


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