Jun 02, 2015

May 2015 Mortgage Interest Rates

- originally posted May 1, 2015 -

As of the 1st day of May 2015, the national market rate on a 30-year fixed Conventional loan is hovering around 3.50%, with the 15-year at 3.15%.

Reports of slower than expected economic growth during the first quarter of this year is now being released. More specifically, Gross Domestic Product (GDP) was way-off and much weaker than it was during the 4th quarter of last year.GDP measures the value of the production of goods and services in the U.S.

There are many reasons for our poor economic reports, ranging from the harsh winter in the Midwest & East, to declining consumer spending, to manufacturing and retail sales being way down from recent highs. All of these factors contributed to making a big dent in our economic growth in the first quarter of 2015.

Poor economic news, like this, generally helps to keep rates low.  Rates have already been and stayed very low this past 30 days, so the impact from the poor economic news hasn't affected mortgage interest rates much at all.  Rates do remain volatile, however.

Looking forward, it looks less and less likely that the Fed will be raising interest rates anytime soon. In the short term, lets hope we continue to see these affordable rates hang around for awhile longer.

Till next month,

Michael Dagner

Michael Dagner is a real estate professional in Denver, Colorado.