Leave a Message

Thank you for your message. We will be in touch with you shortly.

Mortgage Rates Drop Below 7%

WRE News May 24, 2024

Buyer

Mortgage Rates Drop Below 7%

The 30-year fixed-rate mortgage dropped below the 7% mark, averaging 6.94% as of May 23, according to the Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC). A year ago at this time, it averaged 6.57%.

“Spring homebuyers received an unexpected windfall this week, as mortgage rates fell below the 7% threshold for the first time in over a month,” said Sam Khater, Freddie Mac’s chief economist. “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.”

Freddie Mac also reported the 15-year fixed-rate mortgage averaged 6.24%, down from last week when it averaged 6.28%. A year ago at this time, it averaged 5.97%.

We are Your GPS to Success Let’s Get Started

We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today

Follow Us On Instagram