30-Year Mortgage Rate Moves Lower; 15-Year Rate Inches Higher

Freddie Mac has released its Primary Mortgage Market Survey® for the week ending May 4th. The 30-year fixed-rate mortgage averaged 6.39%, down from last week when it averaged 6.43%. A year ago at this time, the 30-year rate averaged 5.27%.

The 15-year fixed-rate mortgage averaged 5.76%, up from last week when it averaged 5.71%. A year ago at this time, the 15-year rate averaged 4.52%.

Adding additional background and his analysis to this week’s report, Sam Khater, Freddie Mac’s Chief Economist, said:

“This week, mortgage rated inched down slightly amid recent volatility in the banking sector and commentary from the Federal Reserve on its policy outlook. Spring is typically the busiest season for the residential housing market and, despite the rate hovering in the mid-six percent range, this year is no different. Interest homebuyers are acclimating to the current rate environment, but the lack of inventory remains a primary obstacle to affordability.”