30-Year Mortgage Rate Drops Below 7% in the Week Ending May 23rd
Mortgage Rates Drop Below Seven Percent
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending May 22nd.
The 30-year fixed-rate mortgage averaged 6.94%, down from last week when it averaged 7.02%. A year ago at this time, the 30-year rate averaged 6.57%.
The 15-year fixed-rate mortgage averaged 6.24%, down from last week when it averaged 6.28%. A year ago at this time, the 15-year rate averaged 5.97%.
Commenting on the results of this week’s survey, Freddie Mac Chief Economist Sam Khater said:
“Spring homebuyers received an unexpected windfall this week, as mortgage rates fell below the 7% threshold for the first time in over a month. Although this week’s data on previously owned home sales showed a decline, total inventory of both new and existing homes is up. Greater supply coupled with the recent downward trend in rates is an encouraging sign for the housing market.”
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