Mortgage rates continued to slide in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.76% as of May 1, down from last week when it averaged 6.81%. A year ago at this time, it averaged 7.22%.
The 15-year fixed-rate mortgage averaged 5.92%, down from last week when it averaged 5.94%. A year ago at this time, it averaged 6.47%.
“Mortgage rates again declined this week,” said Sam Khater, Freddie Mac’s chief economist. “In recent weeks, rates for the 30-year fixed-rate mortgage have fallen even lower than the first quarter average of 6.83%.”
inching their way down. Powell needs to stop playing politics and cut the Fed rate.
Powell needs to reduce prime by 2 percent.
Powell is gouging every family, trying to make too much money for the private sector on interest.
The loan sizes are enormous and interest young families are paying are unsustainable.
30 years ago rates were same but mortgage loan amounts were minimal. It’s going to be a disaster if rates are not dropped by 2-3% in May 2025.
. Families cannot afford their homes with high interest mortgages on high mortgage loan amounts.
Lower interest rates by 2-3% will help families refinance their existing high interest loans! Stimulate economy.