According to the Freddie Mac Primary Mortgage Survey, long-term mortgage rates decreased as the pace of inflation increase slowed.
As of May 11, the average rate for 30-year fixed-rate mortgages was 6.35%, down from the previous week’s average of 6.39% and higher than the 5.30% rate from a year ago.
The average rate for 15-year fixed-rate mortgages was 5.75%, up from 4.48% last year but marginally down from 5.76% the previous week.
“Although inflation is still high, its growth rate has slowed and is predicted to slow down during the course of 2023. Long-term mortgage rate trends should benefit from this, according to Sam Khater, chief economist at Freddie Mac.
Here is a look at the survey results: