Average long-term US mortgage rate falls to 6.35% this week, lowest level in 5 weeks

Published May 11, 2023 9:12 AM

By ALEX VEIGA and MELISSA WINDER
Associated Press

LOS ANGELES (AP) — The average long-term U.S. mortgage rate fell this week to its lowest level in five weeks, welcome news for house hunters looking for an edge as they navigate a housing market constrained by a near-historic low number of homes for sale. Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan fell to 6.35% from 6.39% last week. The average rate a year ago was 5.30%. High rates can add hundreds of dollars a month in costs. Elevated mortgage rates and a stubbornly low inventory of homes on the market have weighed on U.S. home sales this spring homebuying season.

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