Mortgage Rates Remain Flat

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The 30-year fixed rate mortgage averaged 6.76% as of May 8, according to the Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC). This is unchanged from last week and down from the 7.09% rate recorded one year ago.

The 15-year fixed-rate mortgage averaged 5.89%, down from last week when it averaged 5.92%. A year ago at this time, it averaged 6.38%.

“Mortgage rates stayed flat this week,” said Sam Khater, Freddie Mac’s chief economist. “At this time last year, the 30-year fixed-rate mortgage was 30 basis points higher and purchase applications were declining. Today, rates are lower and have remained stable for weeks, sparking continued increases in purchase applications.”