Mortgage Rates Down Slightly, Though Still Elevated

Mortgage rates registered a decline in the latest Primary Mortgage Market Survey from Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage averaged 7.02% as of May 16, down from last week when it averaged 7.09%. A year ago at this time, it averaged 6.39%.

The 15-year fixed-rate mortgage averaged 6.28%, down from last week when it averaged 6.38%. A year ago at this time, it averaged 5.75%.

“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.”