Mortgage rates drop below 7% for 1st time in more than a month

Mortgage rates dropped to a below 7% mark for the first time in over a month, which coupled with a greater supply is an encouraging sign for the housing market, according to the Freddie Mac Primary Mortgage Survey.

30-year fixed-rate mortgages averaged 6.94% as of May 23, down from 7.02% last week and higher than 6.57% in the same period a week ago.

15-year fixed-rate mortgages averaged 6.24%, compared to 6.28% a week ago and 5.97% a year ago.

"Spring homebuyers received an unexpected windfall this week, as mortgage rates fell below the seven percent threshold for the first time in over a month," Freddie Mac's chief economist, Sam Khater, said.

"Although this week's data on previously owned home sales showed a decline, total inventory of both new and existing homes is up. Greater supply coupled with the recent downward trend in rates is an encouraging sign for the housing market," Khater added.

U.S. existing home sales had dipped 1.89% in April to 4.14M, compared with the 4.195M expected and 4.19M in March, the National Association of Realtors said.

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