Mortgage rates decreased this week, with the average rate for a 30-year fixed-rate mortgage falling to 6.39%, down from 6.43% last week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the average rate for a 30-year was 5.27%.
For the week ended May 4, the average rate for a 15-year fixed-rate mortgage was 5.76%, up from 5.71% the previous week.
A year ago at this time, the average rate for a 15-year was 4.52%.
“This week, mortgage rates inched down slightly amid recent volatility in the banking sector and commentary from the Federal Reserve on its policy outlook,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Spring is typically the busiest season for the residential housing market and, despite rates hovering in the mid-six percent range, this year is no different. Interested homebuyers are acclimating to the current rate environment, but the lack of inventory remains a primary obstacle to affordability.”
Photo: David Kristianto