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Back Below 7%: Mortgage Rates Fall Again

  • May 23rd 2024

by UrbanTurf Staff

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Mortgage rate chart_05-23-24.png

Does three weeks a trend make? When it comes to long-term interest rates, homebuyers certainly hope so. 

Freddie Mac reported 6.94% as the average on a 30-year mortgage, down 8 basis points from last week. It is the third week in a row that rates have fallen and the first time that they have been below 7% in over a month. 

“Although this week’s data on previously owned home sales showed a decline, total inventory of both new and existing homes is up," Sam Khater, Freddie Mac’s Chief Economist, said. "Greater supply coupled with the recent downward trend in rates is an encouraging sign for the housing market.”

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

See other articles related to: interest rates, mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/back_below_7_mortgage_rates_fall_again/22346.

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