the numbers mortgage rates dipped slightly amid volatility in the banking sector and the us central bank’s indication that it would pause hiking interest rates the 30year fixedrate mortgage averaged 639 as of may 4 according to data released by freddie mac on thursday it’s down 4 basis points from the previous week one basis point is equal to one hundredth of a percentage point last week the 30year was at 643 last year the 30year was averaging at 527 the average rate on the 15year mortgage rose to 576 from 571 the previous week the 15year was at 452 a year ago freddie mac’s fmcc weekly report on mortgage rates is based on thousands of applications received from lenders across the country that are submitted to freddie mac when a borrower applies for a mortgage separate data by mortgage news daily said that the 30year fixedrate mortgage was averaging at 649 as of thursday afternoon what freddie mac said “spring is typically the busiest season for the residential housing market and despite rates hovering in the mid6 range this year is no different” sam khater chief economist at freddie mac said in a statement “interested homebuyers are acclimating to the current rate environment but the lack of inventory remains a primary obstacle to affordability” he added what are they saying expect rates to be volatile in the weeks ahead due to the ongoing uncertainty in financial markets bob broeksmit president and ceo of the mortgage bankers association said in a statement market reaction the yield on the 10year treasury note tmubmusd10y was trading below 34 during the afternoon trading session on thursday