Mortgage rates ticked down slightly in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.36% as of May 14, a hair lower from last week’s average of 6.37%. A year ago at this time, it averaged 6.81%.
The 15-year fixed-rate mortgage averaged 5.71%, slightly down from last week when it averaged 5.72%. A year ago at this time, it averaged 5.92%.
Separately, the Mortgage Bankers Association (MBA) reported the delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 4.44% of all loans outstanding at the end of the first quarter, up 18 basis points from the fourth quarter of 2025 and up 40 basis points from one year ago. The percentage of loans on which foreclosure actions were started in the first quarter rose by 4 basis points to 0.24%.
“Mortgage delinquencies increased on an annual basis, with conventional loan delinquencies relatively flat but with notable increases among FHA and VA loans,” said Marina Walsh, MBA’s vice president of industry analysis. “Last quarter, the delinquency rate for FHA loans was about 900 basis points higher than the conventional delinquency rate, and the VA delinquency rate was almost 225 basis points higher than the conventional delinquency rate. These are the widest spreads since 2021.”
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