Freddie Mac's (OTCQB: FMCC) Primary Mortgage Market Survey® on Thursday showed that after several weeks of rising, fixed-rate mortgages finally dropped.

Sam Khater, Freddie Mac’s chief economist, said, “Slightly weaker inflation and labor economic data caused mortgage rates to dip this week. Moving into summer, we expect rates to be about a quarter to half a percentage point lower than where they were last year, which is good news for the housing market. These lower rates combined with solid economic growth, low inflation and rebounding consumer confidence should provide a solid foundation for home sales to continue to improve over the next couple of months.”

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.14% with an average 0.5 point for the week ending May 2, 2019, down from last week when it averaged 4.20%. A year ago at this time, the 30-year FRM averaged 4.55%.
  • 15-year FRM this week averaged 3.60% with an average 0.4 point, down from last week when it averaged 3.64%. A year ago at this time, the 15-year FRM averaged 4.03%.