Mortgage Interest Rates Inched Down

Freddie Mac (OTCQB: FMCC) today (05/11/2023) released the results of its Primary Mortgage Market Survey (PMMS), showing the 30-year fixed-rate mortgage (FRM) averaged 6.35 percent.

“This week’s decrease continues a recent sideways trend in mortgage rates, which is a welcome departure from the record increases of last year,” said Sam Khater, Freddie Mac’s Chief Economist. “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.”

• 30-year fixed-rate mortgage averaged 6.35 percent as of May 11, 2023, down from last week when it averaged 6.39 percent. A year ago at this time, the 30-year FRM averaged 5.30 percent.
• 15-year fixed-rate mortgage averaged 5.75 percent, down slightly from last week when it averaged 5.76 percent. A year ago at this time, the 15-year FRM averaged 4.48 percent.

The PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit.

Check with your mortgage lender for more information on daily mortgage interest rate movements.  Or you may find information online on sites such as Mortgage News Daily.