Rates have benefited from relative stability in the bond market
of ConsumerAffairs-
As of May 8, the 30-year fixed-rate mortgage (FRM) averaged 6.76%, remaining unchanged from the previous week and down from 7.09% a year ago.
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The 15-year FRM dropped slightly to 5.89%, compared to 5.92% last week and 6.38% a year earlier.
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Freddie Mac Chief Economist Sam Khater noted that stable and lower mortgage rates have led to a rise in home purchase applications.
Early April bond market turmoil ended a decline in mortgage rates but that now appears to be in the rearview mirror. After a couple of declines in mortgage rates, Freddie Mac reports its Primary Mortgage Market Survey shows the 30-year fixed-rate mortgage (FRM) averaged 6.76% this week.
Mortgage rates stayed flat this week, said Sam Khater, Freddie Macs chief economist, in a statement.
At this time last year, the 30-year fixed-rate mortgage was 30 basis points higher and purchase applications were declining. Today, rates are lower and have remained stable for weeks, sparking continued increases in purchase applications.
Current rates
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The 30-year FRM averaged 6.76% as of May 8, 2025, unchanged from last week. A year ago at this time, the 30-year FRM averaged 7.09%.
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The 15-year FRM averaged 5.89%, down from last week when it averaged 5.92%. A year ago at this time, the 15-year FRM averaged 6.38%.
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Posted: 2025-05-09 10:37:54
