Mortgage rates have mostly taken a pause after a series of rises in April. The 30-year fixed-rate mortgage averaged 4.55 percent last week, unchanged from a week ago.
“The minimal movement of mortgage rates in these last three weeks reflects the current economic nirvana of a tight labor market, solid economic growth, and restrained inflation,” says Sam Khater, Freddie Mac’s chief economist. “As we head into late spring, the demand for purchase credit remains rock solid, which should set us up for another robust summer home sales season.”
Still, mortgage rates are up 50 basis points from a year ago, Khater notes. This has “put pressure on the budgets of some home shoppers” as “weak inventory levels are what’s keeping the housing market from a stronger sales pace.”
Freddie Mac reports the following national averages with mortgage rates for the week ending May 10:
- 30-year fixed-rate mortgages: averaged 4.55 percent, with an average 0.5 point, unchanged from a week ago. A year ago, 30-year rates averaged 4.05 percent.
- 15-year fixed-rate mortgages: averaged 4.01 percent, with an average 0.4 point, falling from last week’s 4.03 percent average. A year ago, 15-year rates averaged 3.29 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.77 percent, with an average 0.3 point, rising from last week’s 3.69 percent average. A year ago, 5-year ARMs averaged 3.14 percent.
Source: Freddie Mac
