Mortgage Rates Drop Below 7%
WRE News May 24, 2024
Buyer
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.”
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