The average rate for a 30-year fixed mortgage dropped by 8 basis points from the previous week to 6.94% as of May 23th, reaching the lowest level in six weeks. “Spring homebuyers received an unexpected windfall this week, as mortgage rates fell below the seven percent threshold for the first time in over a month,” said Sam Khater, Freddie Mac’s Chief Economist. “Although this week’s data on previously owned home sales showed a decline, total inventory of both new and existing homes is up. Greater supply coupled with the recent downward trend in rates is an encouraging sign for the housing market.” In comparison, the average rate for a 30-year fixed mortgage was 6.57% during the same period last year. source: Freddie Mac
30 Year Mortgage Rate in the United States decreased to 6.94 percent in May 22 from 7.02 percent in the previous week. 30 Year Mortgage Rate in the United States averaged 7.73 percent from 1971 until 2024, reaching an all time high of 18.63 percent in October of 1981 and a record low of 2.65 percent in January of 2021. This page includes a chart with historical data for the United States 30 Year Mortgage Rate. United States 30-Year Mortgage Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2024.
United States 30-Year Mortgage Rate
The Primary Mortgage Market Survey (PMMS) is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. The interest rate a lender would charge to lend mortgage money to a qualified borrower exclusive of the fees and points required by the lender. This commitment rate applies only to conventional financing on conforming mortgages with loan-to-value rates of 80 percent or less.
| Actual | Previous | Highest | Lowest | Dates | Unit | Frequency | ||
|---|---|---|---|---|---|---|---|---|
| 6.94 | 7.02 | 18.63 | 2.65 | 1971 - 2024 | percent | Weekly |
News Stream
US Mortgage Rates Decline for 3rd Consecutive Week
The average rate for a 30-year fixed mortgage dropped by 8 basis points from the previous week to 6.94% as of May 23th, reaching the lowest level in six weeks. “Spring homebuyers received an unexpected windfall this week, as mortgage rates fell below the seven percent threshold for the first time in over a month,” said Sam Khater, Freddie Mac’s Chief Economist. “Although this week’s data on previously owned home sales showed a decline, total inventory of both new and existing homes is up. Greater supply coupled with the recent downward trend in rates is an encouraging sign for the housing market.” In comparison, the average rate for a 30-year fixed mortgage was 6.57% during the same period last year.
2024-05-23
US Mortgage Rates Fall For 2nd week
The average rate for a 30-year fixed mortgage dropped by 7 basis points from the previous week to 7.02% as of May 16th, reaching the lowest level in five weeks. “Mortgage rates decreased for the second consecutive week.” said Sam Khater, Freddie Mac’s Chief Economist. “Given the news that inflation eased slightly, the 10-year Treasury yield dipped, leading to lower mortgage rates. The decrease in rates, albeit small, may provide a bit more wiggle room in the budgets of prospective homebuyers.” In comparison, the average rate for a 30-year fixed mortgage was 6.39% during the same period last year.
2024-05-16
US 30-Year Mortgage Rate Eases to 7.09%
The average rate for a 30-year fixed mortgage dropped by 13 basis points from the previous week to 7.09% as of May 9th, marking a decline after five consecutive weeks of increases and reaching the lowest rate in four weeks. In comparison, the average rate for a 30-year fixed mortgage was 6.35% in the same period last year. "After a five week climb, mortgage rates ticked down following a weaker than expected jobs report," stated Sam Khater, Freddie Mac’s Chief Economist. “An environment where rates continue to hover above seven percent 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.”
2024-05-09
