Mortgage rates were mostly in a holding pattern last week, which may have been welcome news to borrowers after the previous week’s uptick.
Freddie Mac reports the following national averages for the week ending May 4:
- 30-year fixed-rate mortgages averaged 4.02 percent, with an average 0.5 point, falling slightly from last week’s 4.03 percent average. Last year at this time, 30-year rates averaged 3.61 percent.
- 15-year fixed-rate mortgages averaged 3.27 percent, with an average 0.5 point, the same average as last week. A year ago, 15-year rates averaged 2.86 percent, ARMs averaged 2.80 percent.
Source: Freddie Mac