by Chris Montcalmo

Freddie Mac on Thursday released the results of its Primary Mortgage Market Survey, showing average fixed mortgage rates falling following the Federal Reserve’s decision to stand pat last week, and other negative economic data. Mortgage rates are now hovering just above their low point for the year.

The 30-year fixed-rate mortgage (FRM) averaged 3.61 percent with an average 0.6 point for the week ending May 5, 2016, down from last week when it averaged 3.66 percent. A year ago at this time, the 30-year FRM averaged 3.80 percent.

The 15-year FRM this week averaged 2.86 percent with an average 0.5 point, down from last week when it averaged 2.89 percent. A year ago at this time, the 15-year FRM averaged 3.02 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.80 percent this week with an average 0.5 point, down from last week when it averaged 2.86 percent. A year ago, the 5-year ARM averaged 2.90 percent.

“The Fed’s decision to stand pat followed by a week of assorted unsettling news drove Treasury yields lower,” said Freddie Mac chief economist Sean Becketti. “As a consequence, the 30-year mortgage rate drifted down to 3.61 percent, just 3 basis points above the low for the year. Since the start of February, mortgage rates have varied within a narrow range providing an extended period for house hunters to take advantage of historically low rates.”

For more information on local Baltimore mortgage rates, contact mortgage consultant Chris Montcalmo here.