Mortgage Rates Have Decreased!

Anya’s Market Bites:

Freddie Mac is reporting mortgage rates have decreased for the first time since March. After a five week climb, rates are trickling down.
Here's a summary of the recent Freddie Mac report on mortgage rates:

• 30-Year Fixed-Rate Mortgage (FRM):

  • Averaged 7.09% as of May 9, 2024.

  • Down from the previous week's average of 7.22%.

  • A year ago, the 30-year FRM averaged 6.35%.

• 15-Year Fixed-Rate Mortgage (FRM):

  • Averaged 6.38%.

  • Down from last week's 6.47%.

  • A year ago, it was 5.75%.

Context and Implications:

• The decrease in rates followed a weaker-than-expected jobs report.

• High rates above 7% affect both sellers and buyers:

  • Sellers are hesitant to list homes and lose their lower mortgage rates from previous years, reducing supply.

  • Elevated house prices due to limited supply pose affordability challenges for buyers.

Freddie Mac's mission is to ensure liquidity, stability, affordability, and equity in the housing market, having helped millions of families buy, rent, or keep their homes since 1970.

For more details, you can visit Freddie Mac's official website.

(Source: California Association of Realtors)

All the best,

Anya

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