Mortgage rates dropped this week, but still sit above 7%: Freddie Mac

Mortgage rates have steadily been rising over the last few weeks, but rates have finally started to dip. Rates for 30-year fixed-rate mortgages averaged 7.09% as of May 9th, Freddie Mac reported. This is a decent drop from last week when rates averaged 7.22%. Last year at this time, 30-year mortgage rates averaged much lower at 6.35%. Mortgages with 15-year terms also saw interest rates drop. Rates fell to 6.38% from 6.47% last week. Compared to last year when rates averaged 5.

Many homeowners fit into two camps: their home equity is growing, or their mortgage is now underwater. More mortgages are seriously underwater in the first few months of April, rising from 2.6% of mortgages to 2.7%, an ATTOM report found. Homeowners go "seriously underwater" when their mortgage balance is 25% more than the property’s estimated market value. The South had the biggest increase in underwater mortgages. Kentucky saw the largest increase, with 8.

Homeowners spend less of their income on their mortgage payments than they did last quarter, Realtor.com reported. On average, households spent 24.2% of their income on their mortgage in the first three months of the year. Last quarter, homeowners spent 26.1% of their income. Although down from last quarter, this percentage is up nearly 1% from a year ago.

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