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Mortgage Rates Drift Lower for Second Straight Week

Mortgage rates have edged down for two consecutive weeks amid signs of cooling inflation. So reports CNN.

arrow down icon 157360 1280According to Freddie Mac, the average on the 30-year fixed-rate mortgage was 6.35% in the week ending May 11, compared with 6.39% the previous week and 5.30% a year ago.

“This week’s decrease continues a recent sideways trend in mortgage rates, which is a welcome departure from the record increases of last year," Freddie Mac’s chief economist, Sam Khater, said in a statement.

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