Fixed-Rate Mortgages Fall in the Week Ending May 16th—Second Consecutive Drop
Mortgage Rates Continue to Decrease
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.”
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.