Mortgage Rates Fell This Week as Average Rate for 30-Year Dipped Below 7 Percent


Mortgage rates fell this week, with the average rate for a 30-year, fixed-rate mortgage dropping to 6.94%, down from 7.02% last week, according to Freddie Mac’s Primary Mortgage Market Survey.

“Spring homebuyers received an unexpected windfall this week, as mortgage rates fell below the seven percent threshold for the first time in over a month,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Although this week’s data on previously owned home sales showed a decline, total inventory of both new and existing homes is up. Greater supply coupled with the recent downward trend in rates is an encouraging sign for the housing market.”

The average rate for a 15-year fixed-rate mortgage was 6.24%, down from 6.28% last week but up from 5.97% a year ago.

Yesterday the Mortgage Bankers Association reported that mortgage application volume increased 1.9% during the week ended May 17, as rates fell.

Photo: Ali Rezaei

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