WRE News May 24, 2024
Buyer
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.”
Stay up to date on the latest real estate trends.
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