Mortgage rates, or interest rates on home loans, have decreased for the second consecutive week but remain above the 7 percent mark, according to mortgage provider Freddie Mac (FMCC.OB).
As of May 16, 2024, the 30-year Fixed-Rate Mortgage (FRM) averaged 7.02 percent, down from last week's average of 7.09 percent. At the same time last year, the 30-year FRM stood at 6.39 percent.
The 15-year FRM averaged 6.28 percent, slightly down from last week's 6.38 percent. A year ago, the 15-year FRM was 5.75 percent.
"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 prospective homebuyers with a bit more flexibility in their budgets."
