Mortgage Interest Rate Averages Down for a Second Week.

 Freddie Mac today released the results of its Primary Mortgage Market Survey^® (PMMS^®), showing the 30-year fixed-rate mortgage (FRM) averaged 7.02 percent for the week ending 05/16/2024.

“Mortgage rates decreased for the second consecutive week,” said Sam Khater, Freddie Mac’s Chief Economist. “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.”

• The 30-year FRM averaged 7.02 percent as of May 16, 2024, down from last week when it averaged 7.09 percent. A year ago at this time, the 30-year FRM averaged 6.39 percent.
• The 15-year FRM averaged 6.28 percent, down from last week when it averaged 6.38 percent. A year ago at this time, the 15-year FRM averaged 5.75 percent.

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