Mortgage rates have mostly taken a pause after a series of rises in April. The 30-year fixed-rate mortgage averaged 4.55 percent last week, unchanged from a week ago.
“The minimal movement of mortgage rates in these last three weeks reflects the current economic nirvana of a tight labor market, solid economic growth, and restrained inflation,” says Sam Khater, Freddie Mac’s chief economist.
Freddie Mac reports the following national averages for the week ending May 10:
- 30-year fixed-rate mortgages: averaged 4.55 percent, with an average 0.5 point, unchanged from a week ago. A year ago, 30-year rates averaged 4.05 percent.
- 15-year fixed-rate mortgages: averaged 4.01 percent, with an average 0.4 point, falling from last week’s 4.03 percent average. A year ago, 15-year rates averaged 3.29 percent.
Source: Freddie Mac