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Heading Down: Mortgage Rates Drop to 6.35%

  • May 12th

by UrbanTurf Staff

Mortgage rate chart 05-11-23.png

Mortgage rates fell again this week and that could be the trend for the coming months. 

Freddie Mac reported 6.35% as the average on a 30-year mortgage on Thursday, down 4 basis points compared to last week. Long-term rates have fallen about 40 basis points since March.

“This week’s decrease continues a recent sideways trend in mortgage rates, which is a welcome departure from the record increases of last year,” Sam Khater, Freddie Mac’s Chief Economist, said in a release. “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.”

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/heading_down_mortgage_rates_drop_to_635/21014.

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