Mortgage Rates Inch Down for Second Week 5/11/2023
3d image of house with graph falling
“This week’s decrease continues a recent sideways trend in mortgage rates, which is a welcome departure from the record increases of last year,” said Sam Khater, Freddie Mac’s Chief Economist. “While inflation remains elevated, its rate of growth has moderated and is expected to decelerate over the remainder of 2023. This should bode well for the trajectory of mortgage rates over the long-term.”
News Facts
- The 30-year fixed-rate mortgage averaged 6.35 percent as of May 11, 2023, down from last week when it averaged 6.39 percent. A year ago at this time, the 30-year FRM averaged 5.30 percent.
- The 15-year fixed-rate mortgage averaged 5.75 percent, down slightly from last week when it averaged 5.76 percent. A year ago at this time, the 15-year FRM averaged 4.48 percent.
