Fixed-Rate Mortgages Decline for the First Time in Five Weeks
Mortgage Rates Decrease for the First Time Since March
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending May 9th.
The 30-year fixed-rate mortgage averaged 7.09%, down from last week when it averaged 7.22%. A year ago at this time, the 30-year rate averaged 6.35%.
The 15-year fixed-rate mortgage averaged 6.38%, down from last week when it averaged 6.47%. A year ago at this time, the 15-year rate averaged 5.75%.
Commenting on the results of this week’s survey, Freddie Mac Chief Economist Sam Khater said:
“After a five week climb, mortgage rates ticked down following a weaker than expected jobs report. An environment where rates continue to hover above 7% impacts both sellers and buyers. Many potential sellers remain hesitant to list their home and part with lower mortgage rates from years prior, adversely impacting supply and keeping house prices elevated. These elevated house prices add to the overall affordability challenges that potential buyers face in this high-rate environment.”
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.