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Current mortgage rates report for May 12, 2025: Rates mostly steady for the moment

On May 12, 2025, mortgage rates have seen a slight decrease, with the average 30-year fixed-rate mortgage at 6.5% and the 15-year fixed-rate at 5.75%, according to Freddie Mac. This drop is attributed to recent economic data suggesting a slowdown in inflation, prompting expectations of potential Federal Reserve rate cuts later in the year. Despite the decline, rates remain higher than historical averages, impacting affordability for many homebuyers. The article also notes that adjustable-rate mortgages (ARMs) are averaging around 6%, offering a potentially more affordable option for those planning to move or refinance within a few years. Experts advise potential buyers to consider locking in rates soon, as the window for lower rates might be narrow, and to explore various mortgage products to find the best fit for their financial situation.

Read the Full Fortune Article at:
[ https://fortune.com/article/current-mortgage-rates-05-12-2025/ ]