M
ortgage rates in the US have continued to ease, with the average rate for a 30-year fixed mortgage dipping to 6.76% as of May 1st, according to Freddie Mac's latest Primary Mortgage Market Survey (PMMS). This marks a decline from last week and is lower than the first quarter average.

    "Mortgage rates are again declining," said Sam Khater, Chief Economist at Freddie Mac. "In recent weeks, rates for the 30-year fixed-rate mortgage have fallen even lower than the initial quarter average."

    The decrease in mortgage rates comes as 10-year Treasury yields have retreated to levels not seen since before former President Trump's tariff announcement, signaling a reduction in financial market volatility. However, despite the easing of rates, the US housing market remains uncertain.

    New home listings saw an increase in April compared to last year, but overall market momentum is showing signs of fatigue. Homes are spending more time on the market and active inventory is rising, indicating that buyer demand is softening due to still-elevated mortgage rates.

    Freddie Mac's data shows that the 30-year FRM averaged 6.76% as of May 1st, down from last week's average of 6.81%. A year ago at this time, the 30-year FRM averaged 7.22%. The 15-year FRM also saw a decline, averaging 5.92%, down from last week's average of 5.94% and lower than last year's average of 6.47%.