Mortgage Rates Inch Lower

The latest Primary Mortgage Market Survey from Freddie Mac (OTCQB: FMCC) showed rates taking a slight drop from last week.

The 30-year fixed-rate mortgage averaged 6.35% as of May 11, down from last week when it averaged 6.39%. A year ago at this time, the rate averaged 5.30%.

The 15-year fixed-rate mortgage averaged 5.75%, down slightly from last week when it averaged 5.76%. A year ago at this time, the rate averaged 4.48%.

“This week’s decrease continues a recent sideways trend in mortgage rates, which is a welcome departure from the record increases of last year,” said Sam Khater, Freddie Mac’s chief economist. “While inflation remains elevated, its rate of growth has moderated and is expected to decelerate over the remainder of 2023. This should bode well for the trajectory of mortgage rates over the long-term.”