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Mortgage Rates Soar For Fifth Consecutive Week

WRE News May 4, 2024

Buyer

Mortgage Rates Soar For Fifth Consecutive Week

Mortgage rates continues to soar in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage averaged 7.22% as of May 2, up from last week when it averaged 7.17%. A year ago at this time, it averaged 6.39%.

The 15-year fixed-rate mortgage averaged 6.47%, up from last week when it averaged 6.44%. A year ago at this time, it averaged 5.76%.

“The 30-year fixed-rate mortgage increased for the fifth consecutive week as we enter the heart of Spring Homebuying Season,” said Sam Khater, Freddie Mac’s chief economist. “On average, more than one-third of home sales for the entire year occur between March and June. With two months left of this historically busy period, potential homebuyers will likely not see relief from rising rates anytime soon. However, many seem to have acclimated to these higher rates, as demonstrated by the recently released pending home sales data coming in at the highest level in a year.”

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Mortgage Rates Soar For Fifth Consecutive Week

Recent Blog Posts

Monroe Park Neighborhood of Palo Alto

Researchers Have Followed Over 700 People Since 1938 To Find The Keys To Happiness. Here’s What They Discovered

Mortgage Forbearance Level Inches Up

The Personal Joys of Having a Home To Call Your Own

The #1 Reason People Move: To Be Closer to Family and Friends

How Home Equity May Help You Buy Your Next Home in Cash

We are Your GPS to Success Let’s Get Started

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