Mortgage rates are showing signs of moderating this month, following increases in April.
Borrowers are discovering much lower rates compared to a year ago.
"A combination of low mortgage rates, a strong job market, and modest wage growth should spur home buyer interest and also serve as an incentive for homeowners looking to refinance this spring,” says Sam Khater, Freddie Mac’s chief economist.
30-year fixed-rate mortgages averaged 4.10%, with an average 0.5 point, falling from last week’s 4.14% average.
Last year at this time, 30-year rates averaged 4.55%.
Source: Freddie Mac
