Mortgage
rates
eased
slightly
last
week
after
a
cooler-than-expected
jobs
report.
Additionally,
the
10-year
Treasury
yield
fell
after
Friday’s

jobs
report.

HousingWire’s
Mortgage
Rates
Center
showed
the
average
30-year
fixed
rate
for
conventional
loans
at
7.51%
on
Tuesday,
slightly
below
the
rate
of
7.57%
one
week
ago.
At
the
same
time
one
year
ago,
the
average
rate
was
6.54%.

The
15-year
fixed
rate
averaged
6.77%
on
Tuesday,
down
from
6.79%
one
week
earlier.

“The
labor
market
has
always
been
my
key
variable
for
lower
rates,
and
last
week’s
headline
jobs
number
missed,
while
wage
growth
came
in
cooler
than
anticipated,”

HousingWire
lead
analyst
Logan
Mohtashami
said.
“However,
the
other
critical
labor
data
are
getting
softer,
such
as
job
openings
data
and
job
openings
quit
rate.
The
Fed
really
follows
the
job
openings
quit
rate
as
it’s
a
measure
of
labor
tightness,
and
it
is
below
COVID-19
levels.”

As
of
May
3,
there
were
just
under
600,000
single-family
homes
on
the
market,
up
33%
from
last
year,
according
to
data
from


Altos
Research.
The
available
supply
of
unsold
homes
is
rising
and
is
likely
to
continue
growing
through
the
summer,
according
to
Mike
Simonsen,
founder
and
president
of
Altos
Research.

“In
a
few
weeks,
we
expect
the
market
will
have
more
homes
available
than
at
anytime
in
the
past
three
years,”
Simonsen
wrote
on

Monday.
“By
the
end
of
the
summer,
it
looks
like
inventory
will
finally
be
back
above
2020
levels.
But
it’ll
take
several
more
years
of
elevated
mortgage
rates
before
inventory
builds
back
to

pre-pandemic
levels
of
2019
or
earlier.”

Between
April
26
and
May
3,
however,
inventory
only
ticked
up
by
1%,
rising
from
556,291
to
559,744.
Simonsen
expects
to
see
700,000
homes
on
the
market
before
the
typical
seasonal
decline
takes
hold
in
the
fall.

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