U.S. 30-year FRM averaged 7.02% as of May 16, 2024, down from last week when it averaged 7.09%. A year ago at this time, the 30-year FRM averaged 6.39%, according to Freddie Mac.
The 15-year FRM averaged 6.28%, down from last week when it averaged 6.38%. A year ago at this time, the 15-year FRM averaged 5.75%.
“Mortgage rates decreased for the second consecutive week,” said Sam Khater, Freddie Mac’s Chief Economist. “Given the news that inflation eased slightly, the 10-year Treasury yield dipped, leading to lower mortgage rates. The decrease in rates, albeit small, may provide a bit more wiggle room in the budgets of prospective homebuyers.”
