HOMZ - Long-term mortgage rates fall

2023-05-11 12:15:49 ET

Long-term mortgage rates fell with the rate of inflation growth having moderated, according to the Freddie Mac Primary Mortgage Survey.

30-year fixed-rate mortgages averaged 6.35% as of May 11, down from last week when they averaged 6.39% and higher than 5.30% a year ago.

15-year fixed-rate mortgages averaged 5.75%, down slightly from 5.76% last week and up from the year-ago 4.48%.

"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," Freddie Mac's chief economist, Sam Khater, said.

Here is a look at the survey results:

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