30-Year Fixed Mortgage Rate Creeps Higher in the Week Ending May 18th
The 30-year Fixed-rate Mortgage Reverts from Last Week
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending May 18th. The 30-year fixed-rate mortgage averaged 6.39%, up from last week when it averaged 6.35%. A year ago at this time, the 30-year rate averaged 5.25%.
The 15-year fixed-rate mortgage averaged 5.75%, unchanged from last week. A year ago at this time, the 15-year rate averaged 4.43%.
Adding additional background and his analysis to the report, Sam Khater, Freddie Mac’s Chief Economist, said:
“The 30-year fixed-mortgage averaged 6.39% this week, as economic crosscurrents have kept rates within ten-basis points over the last several weeks. After the substantial slowdown in growth last fall, home prices stabilized during the winter and began to modestly rise over the last few months. This indicates that while affordability remains a hurdle, homebuyers are getting used to current rates and continue to pursue homeownership.”
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