Mortgage Rates Decrease for a Second Consecutive Week

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The average rate for a 30-year fixed-rate mortgage fell to 7.02% this week, according to Freddie Mac’s Primary Mortgage Market Survey (PMMS).

A year ago at this time, the average rate for a 30-year was 6.39%.

“Mortgage rates decreased for the second consecutive week,” says Sam Khater, chief economist for Freddie Mac, in a release. “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 average rate for a 15-year fixed-rate mortgage was 6.28%, down from 6.38% last week but up from 5.75% a year ago.

Yesterday the Mortgage Bankers Association reported that mortgage application volume increased 0.5% during the week ended May 10, as rates decreased.

Photo: Bikram Sharma

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