Fixed-Rate Mortgages Fall in the Week Ending May 16th—Second Consecutive Drop

Freddie Mac has released its Primary Mortgage Market Survey® for the week ending May 16th.

The 30-year fixed-rate mortgage averaged 7.02%, down from last week when it averaged 7.09%. A year ago at this time, the 30-year rate averaged 6.39%.

The 15-year fixed-rate mortgage averaged 6.28%, down from last week when it averaged 6.38%. 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:

“Mortgage rates decreased for the second consecutive week. Given the news that inflation eased slightly, the 10-year Treasury yield dipped, leading to lower mortgage rates. The decrease in rates, albeit small, may provide a bit more wiggle room in the budgets of prospective homebuyers.”

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