Mortgage Rates Drop this Week. 05/04/2023
3d image of house with graph falling
“This week, mortgage rates inched down slightly amid recent volatility in the banking sector and commentary from the Federal Reserve on its policy outlook,” said Sam Khater, Freddie Mac’s Chief Economist. “Spring is typically the busiest season for the residential housing market and, despite rates hovering in the mid-six percent range, this year is no different. Interested homebuyers are acclimating to the current rate environment, but the lack of inventory remains a primary obstacle to affordability.”
News Facts
- The 30-year fixed-rate mortgage averaged 6.39 percent as of May 4, 2023, down from last week when it averaged 6.43 percent. A year ago at this time, the 30-year FRM averaged 5.27 percent.
- The 15-year fixed-rate mortgage averaged 5.76 percent, up from last week when it averaged 5.71 percent. A year ago at this time, the 15-year FRM averaged 4.52 percent.
