For the week ending May 11, 30-year rates fell to 6.35% from 6.39% the week before.
Rates continued to ease slightly in the past week, with less day-to-day volatility. For the week ending May 11, 30-year rates fell to 6.35% from 6.39% the week before. In addition, 15-year loans decreased to 5.75%. A year ago, 30-year fixed rates averaged 5.30%, approximately 1.0% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “This week’s decrease continues a recent sideways trend in mortgage rates, which is a welcome departure from the record increases of last year. While inflation remains elevated, its rate of growth has moderated and is expected to decelerate over the remainder of 2023. This should bode well for the trajectory of mortgage rates over the long-term.”
Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
Current Indices for Adjustable Rates
Updated May 12, 2023
|
Daily Value
|
Monthly Value
|
|
May 11
|
April
|
|
6-month Treasury Security
|
5.14%
|
4.99%
|
|
1-year Treasury Security
|
4.70%
|
4.68%
|
|
3-year Treasury Security
|
3.56%
|
3.76%
|
|
5-year Treasury Security
|
3.36%
|
3.54%
|
|
10-year Treasury Security
|
3.39%
|
3.46%
|
|
12-month LIBOR
|
|
5.366%
|
|
12-month MTA
|
|
3.977%
|
|
SOFR (30-Day Average)
|
|
4.819%
|
|
Prime Rate
|
|
8.25% (5/23)
|