Editor’s Note: The Mortgage Mix is RISMedia’s weekly highlight reel of need-to-know mortgage-industry happenings. Watch for it each Friday afternoon.
- Per Freddie Mac, the latest average mortgage rates as of May 9 are 7.09% for the 30-year fixed-rate mortgage and 6.38% for the 15-year fixed-rate mortgage.
- Compared to the previous week of May 3–the 30-year rate slightly declined from 7.22%, as did the 15-year rate from 6.47%.
- This marks the first decline in mortgage rates in five weeks since they began rising in March.
- “After a five week climb, mortgage rates ticked down following a weaker than expected jobs report,” said Freddie Mac’s Chief Economist Sam Khater. “An environment where rates continue to hover above 7% 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.”
- “Whether this week’s friendlier mortgage rate momentum will persist in the near-term depends largely on April inflation data due out next week (in the CPI report),” commented Realtor.com Chief Economist Danielle Hale.
- According to the latest mortgage application survey from the Mortgage Bankers Association (collecting data from the week ending in May 3)–mortgage applications increased 2.6% from the week prior.
- “Mortgage applications increased for the first time in three weeks, with refinances up 5%,” commented Mike Fratantoni, MBA’s senior vice president and chief economist. “Even with the increase, which included a 29% jump in VA refinances, refinance application volume remains about 6% below last year’s already low levels.”
