May Mortgage Market Update: Navigating the Rise in Rates

Welcome to the latest update on the mortgage market! As we approach the summer selling season, let’s explore the key trends and rates impacting the real estate market in May.

Mortgage Rate Trends: This month has seen the 30-year fixed-rate mortgage rise to 7.22%, marking the fifth consecutive week of increases. Despite these higher rates, there’s a continued surge in pending home sales, indicating that buyers are adapting and still keen to enter the market.

Current Mortgage Rates:

  • Residential 30-Year Fixed: 7.22%
  • Multifamily 7-Year ARM: 6.21%
  • Agricultural 7-Year ARM: 6.98%

The real estate market is ever-evolving, influenced by changes in mortgage rates and market conditions.

If you’re stepping into this dynamic market, let’s ensure you have all the information and support you need. Whether you’re buying or selling, reach out now! Let my experience be your guide from start to keys!

Data provided by: Lumen Mortgage
Lumen Mortgage has a full spectrum of financing for Residential, Multifamily, and Agricultural properties.