U.S. 30-year FRM averaged 6.94% as of May 23, 2024, down from last week when it averaged 7.02%. A year ago at this time, the 30-year FRM averaged 6.57%, according to Freddie Mac.
The 15-year FRM averaged 6.24%, down from last week when it averaged 6.28%. A year ago at this time, the 15-year FRM averaged 5.97%.
“Spring homebuyers received an unexpected windfall this week, as mortgage rates fell below the seven percent 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.”
