The U.S. housing market showed unmistakable signs of stalling this week. Despite a decline in mortgage rates, mortgage applications and home sales were down while the cost of homeowners insurance was rising across most of the nation.
On The Mortgage Front: Freddie Mac (OTC:FMCC) reported the 30-year fixed-rate mortgage averaged 5.1% as of May 26, down from last week when it averaged 5.25%. The 15-year fixed-rate mortgage averaged 4.31% with an average 0.8 point, down from last week when it averaged 4.43%. And the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.2%, up from last week when it averaged 4.08%.
