Mortgage Rates Inch Lower

Freddie Mac has released its Primary Mortgage Market Survey® for the week ending May 11th. The 30-year fixed-rate mortgage averaged 6.35%, down from last week when it averaged 6.39%. A year ago at this time, the 30-year rate averaged 5.30%.

The 15-year fixed-rate mortgage averaged 5.75%, down from last week when it averaged 5.76%. A year ago at this time, the 15-year rate averaged 4.48%.

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

“This week’s decrease continues a recent sideways trend in mortgage rates, which is a welcome departure from the record increases of last year. While inflation remains elevated, its rate of growth has moderated and is expected to decelerate over the remainder of 2023. This should bode well for the trajectory of mortgage rates over the long-term.”