US 30-Year Mortgage Rate Eases to 6.36% as Spring Home Sales Stay Stagnant

10 articles · Updated · WRAL News · May 14

Freddie Mac said the average 30-year fixed mortgage rate slipped to 6.36% this week from 6.37%, the first decline after two straight weekly increases; the 15-year rate also edged down to 5.71%.
Rates remain elevated because lenders track the 10-year Treasury yield, which stood at 4.44% Thursday versus 3.97% in late February, after the Iran war and Strait of Hormuz closure drove oil and inflation expectations higher.
Higher borrowing costs have kept the spring housing market subdued: existing-home sales were essentially flat last month after year-over-year declines in the first quarter, extending a slump that began in 2022.
Some buyers are still adjusting to current rates, with mortgage applications rising 1.7% last week and both purchase and refinance applications running above year-earlier levels.
Shoppers who stay in the market may find better conditions, as inventory has increased from a year ago and listing prices have started falling in many metro areas, especially in the South and Midwest.

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