Long-term mortgage rates retreat for second straight week, US average at 7.02%

FILE - Townhouses under construction are shown in Cranberry Township, Pa., on March 29, 2024. On Thursday, May 16, 2024, Freddie Mac reports on this week's average U.S. mortgage rates.

“The decrease in rates, albeit small, may provide a bit more wiggle room in the budgets of prospective homebuyers,” said Sam Khater, Freddie Mac’s chief economist. Mortgage rates are influenced by several factors, including how the bond market reacts to the Federal Reserve’s interest rate policy and the moves in the 10-year Treasury yield, which lenders use as a guide to pricing home loans.said earlier this month that the central bank remains closer to cutting its main interest rate than hiking it.

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Long-term mortgage rates retreat for second straight week, US average at 7.02%The average rate on a 30-year mortgage in the U.S. fell for the second straight week, giving some relief to home shoppers already facing sky-high prices and a shortage of supply. The average 30-year rate fell to 7.02% from 7.09% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.39%.
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