Freddie Mac (OTCQB: FMCC) released the results of its Primary Mortgage Market Survey, and it is not welcome news for those hoping to see mortgage rates decline.
The 30-year fixed-rate mortgage averaged 6.39% of May 18, up from last week when it averaged 6.35%. A year ago at this time, the rate averaged 5.25%.
The 15-year fixed-rate mortgage averaged 5.75%, unchanged from last week. A year ago at this time, the rate averaged 4.43%
“The 30-year fixed-rate mortgage averaged 6.39% this week, as economic crosscurrents have kept rates within a ten-basis point range over the last several weeks,” said Sam Khater, Freddie Mac’s chief economist. “After the substantial slowdown in growth last fall, home prices stabilized during the winter and began to modestly rise over the last few months. This indicates that while affordability remains a hurdle, homebuyers are getting used to current rates and continue to pursue homeownership.”
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