Mortgage Rates Continue to Decline for Second Week in a Row

Mortgage rates have decreased for the second week in a row, with the 30-year fixed-rate mortgage averaging 6.35% in the week ending May 11, down from 6.39% the week before. The decrease is attributed to progress on inflation, which is expected to decelerate over the remainder of 2023. While the decline in mortgage rates is good news for prospective homebuyers, housing supply is still too low in many parts of the country, and sellers are facing increasing costs of home improvements prior to selling due to high inflation.