Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 6.39%.
“The 30-year fixed-rate mortgage averaged 6.39% this week as it economic headwinds have kept rates within a ten-point range basics over the last few weeks,” said Sam Khater, chief economist at Freddie Mac.
“After the substantial slowdown in growth last fall, home prices stabilized over the winter and began to rise modestly in recent months. This indicates that while affordability remains an obstacle, homebuyers are getting used to current rates and they continue to look for home ownership,” Khater added.
The real estate agency notes that homebuyers continue to face a low home inventory, high prices and high mortgage rates, which leaves many discouraged in their search. Meanwhile, potential sellers feel “locked in” by their current low mortgage rate and are hesitant to enter a market that would require accepting a higher rate to purchase a new home.
This is how the rates were:
30-year mortgage:
The 30-year fixed-rate mortgage averaged 6.39% as of May 18, 2023, compared to last week when it averaged 6.35%. A year ago at this time, the 30-year FRM averaged 5.25%.
15-year mortgage:
15-year fixed-rate mortgages averaged 5.75%, unchanged from last week. A year ago at this time, the 15-year FRM averaged 4.43%.
PMMS focuses on fully amortizing, conforming, conventional home purchase loans for borrowers with a 20% down payment and excellent credit.
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2023-05-19 14:59:15
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