May 24

Rates Drop

Mortgage rates fell again this week amid Russia’s invasion of Ukraine, sparking uncertainty across the globe including in U.S. markets. The 30-year fixed-rate mortgage dropped to a 3.76% average this week, Freddie Mac reports.

“Geopolitical tensions caused U.S. Treasury yields to recede this week as investors moved to the safety of bonds, leading to a drop in mortgage rates,” says Sam Khater, Freddie Mac’s chief economist. “While inflationary pressures remain, the cascading impacts of the war in Ukraine have created market uncertainty. Consequently, rates are expected to stay low in the short term but will likely increase in the coming months.”

The National Association of REALTORS® echoed that sentiment. Nadia Evangelou, NAR’s senior economist and director of forecasting, wrote on the association’s blog that rates likely will rise soon as the Fed remains on course to raise its short-term interest rates in order to control inflation.

Freddie Mac reports the following national averages with mortgage rates for the week ending March 3:

  • 30-year fixed-rate mortgages: averaged 3.76%, with an average 0.8 point, dropping from last week’s 3.89% average. Last year at this time, 30-year rates averaged 3.02%.
  • 15-year fixed-rate mortgages: averaged 3.01%, with an average 0.8 point, falling from last week’s 3.14% average. A year ago, 15-year rates averaged 2.34%.
  • 5-year adjustable-rate mortgages: averaged 2.91%, with an average 0.3 point, dropping from last week’s 2.98% average. A year ago, the 5-year ARM averaged 2.73%.

Freddie Mac reports average commitment rates along with average points to better reflect the total upfront costs of obtaining the mortgage.

©National Association of REALTORS®
Reprinted with permission

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