Fixed-Rate Mortgages Continue to Trend Higher in the Week Ending May 2nd
Rates Increase Again and at a Key Moment for the Housing Market
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending May 2nd.
The 30-year fixed-rate mortgage averaged 7.22%, up from last week when it averaged 7.17%. A year ago at this time, the 30-year rate averaged 6.39%.
The 15-year fixed-rate mortgage averaged 6.47%, up from last week when it averaged 6.44%. A year ago at this time, the 15-year rate averaged 5.76%.
Commenting on the results of this week’s survey, Freddie Mac Chief Economist Sam Khater said:
“The 30-year fixed-rate mortgage increased for the fifth consecutive week as we enter the heart of Spring Homebuying Season. On average, more than one-third of home sales for the entire year occur between March and June. With two months left of this historically busy period, potential homebuyers will likely not see relief from rising rates anytime soon. However, many seem to have acclimated to these higher rates, as demonstrated by the recently released pending home sales data coming in at the highest level in a year.”
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.