Freddie Mac recently released the results of its Primary Mortgage Market Survey (PMMS) showing the 30-year fixed-rate mortgage (FRM) averaged 6.35 percent. A year ago, at this time, the 30-year FRM averaged 5.30 percent.
“This week’s (May 8-12) decrease continues a recent sideways trend in mortgage rates, which is a welcome departure from the record increases of last year,” Freddie Mac Chief Economist Sam Khater said in a press release. “While inflation remains elevated, its rate of growth has moderated and is expected to decelerate over the remainder of 2023. This should bode well for the trajectory of mortgage rates over the long-term.”
One key takeaway from the PMMS showed a 15-year fixed-rate mortgage averaged 5.75 percent, down slightly from the week of May 1-5, when it averaged 5.76 percent.
The PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit.