Mortgage rates were on the rise for the second consecutive week, according to the Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.37% as of May 7, up from last week when it averaged 6.30%. A year ago at this time, it averaged 6.76%.
The 15-year fixed-rate mortgage averaged 5.72%, up from last week when it averaged 5.64%. A year ago at this time, it averaged 5.89%.
Sam Khater, Freddie Mac’s chief economist, emphasized the positive by stating, “Recent data points to slightly better conditions for buyers with a boost in new-home sales, median new-home prices being down to their lowest level since July 2021, and higher inventory than in recent years. Together, these trends could modestly ease affordability pressures through the spring homebuying season.”
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