Mortgage rates were in decline for the first time since March, according to the latest Primary Mortgage Market Survey from Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 7.09% as of May 9, down from last week when it averaged 7.22%. A year ago at this time, it averaged 6.35%.
The 15-year fixed-rate mortgage averaged 6.38%, down from last week when it averaged 6.47%. A year ago at this time, it averaged 5.75%.
“After a five week climb, mortgage rates ticked down following a weaker than expected jobs report,” said Sam Khater, Freddie Mac’s chief economist. “An environment where rates continue to hover above seven percent impacts both sellers and buyers. Many potential sellers remain hesitant to list their home and part with lower mortgage rates from years prior, adversely impacting supply and keeping house prices elevated. These elevated house prices add to the overall affordability challenges that potential buyers face in this high-rate environment.”
