The average rate for a 30-year fixed-rate mortgage increased by seven basis points from the previous week, according to Freddie Mac’s Primary Mortgage Market Survey (PMMS) results, released on May 7, but remained lower than a year prior. The government-sponsored enterprise also noted a recent uptick in new home sales despite the modest rate increase.
The average 30-year fixed-rate mortgage rate was 6.37 percent compared to 6.3 percent last week, according to the government-sponsored enterprise (GSE). A year ago, this rate was 6.76 percent.
Freddie Mac recorded the average rate for a 15-year fixed-rate mortgage at 5.72 percent, up from 5.64 percent from last week and 25 basis points lower than the 5.89 percent mark from a year before.
“Recent data points to slightly better conditions for buyers with a boost in new-home sales, median new-home prices being down to their lowest level since July 2021, and higher inventory than in recent years,” Freddie Mac Chief Economist Sam Khater said in a press release. “Together, these trends could modestly ease affordability pressures through the spring homebuying season.”
In March, the Mortgage Bankers Association noted an 11 percent increase in new home purchases from the previous year, based on data compiled in its Builder Application Survey Compared to February 2026, applications increased by 26 percent on a seasonally unadjusted basis.
The PMMS was designed to focus on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit.
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