Real Estate May 9, 2024

Mortgage Rates Dip After Five Week Climb

After a five week climb, mortgage rates dipped down following a weaker than expected jobs report, according to Freddie Mac’s latest market survey released today. The 30-year fixed rate mortgage declined to 7.09 percent this week from 7.22 percent last week. The average rate on a 30-year loan a year ago was 6.35 percent.

An environment where rates continue to hover above seven percent impacts both sellers and buyers, Freddie Mac said. Many potential sellers remain hesitant to list their homes and part with lower mortgage rates from prior years, adversely impacting supply and keeping home prices elevated.  The elevated home prices add to the overall affordability challenges that potential buyers face in this high-rate environment, it said.