Mortgage Rates Marginally Decrease For Second Consecutive Week

May 17, 2024

Staff Writer

Freddie Mac reported the 30-year fixed-rate mortgage (FRM) averaged 7.02% this week

Freddie Mac yesterday released the results of its Primary Mortgage Market Survey, revealing that the 30-year fixed-rate mortgage (FRM) averaged 7.02%. That's down from last week when it averaged 7.09%. A year ago at this time, the 30-year FRM averaged 6.39%.

“Mortgage rates decreased for the second consecutive week,” said Freddie Mac’s Chief Economist, Sam Khater. “Given the news that inflation eased slightly, the 10-year Treasury yield dipped, leading to lower mortgage rates. The decrease in rates, albeit small, may provide a bit more wiggle room in the budgets of prospective homebuyers.”

The 15-year FRM averaged 6.28%, down from last week when it averaged 6.38%. A year ago at this time, the 15-year FRM averaged 5.75%.

Freddie Mac

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Sarah Wolak

Staff Writer

Sarah Wolak is a staff writer at NMP.

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May 17, 2024

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