Mortgage Rates Decreased In Last Week's Survey

May 13, 2024

Staff Writer

Rates decreased for the first time in two months.

Freddie Mac's latest Primary Mortgage Market Survey (PMMS), released May 9, showed the 30-year fixed-rate mortgage (FRM) averaging 7.09%.

“After a five-week climb, mortgage rates ticked down following a weaker-than-expected jobs report,” said Freddie Mac’s Chief Economist, Sam Khater. “An environment where rates continue to hover above seven percent impacts both sellers and buyers. Many potential sellers remain hesitant to list their home and part with lower mortgage rates from years prior, adversely impacting supply and keeping house prices elevated. These elevated house prices add to the overall affordability challenges that potential buyers face in this high-rate environment.”

The 30-year FRM averaged 7.09% as of May 9, 2024, down from the week prior when it averaged 7.22%. A year ago at this time, the 30-year FRM averaged 6.35%.

The 15-year FRM averaged 6.38%, down from last week when it averaged 6.47%. A year ago at this time, the 15-year FRM averaged 5.75%.

Mortgage Rates

Freddie Mac

About the author

Sarah Wolak

Staff Writer

Sarah Wolak is a staff writer at NMP.

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May 13, 2024

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