30-year & 15-year Fixed Mortgage Rates Inch Higher in the Week Ending June 29th, 2023

Freddie Mac has released its Primary Mortgage Market Survey® (PMMS) for the week ending June 29, 2023. The PMMS reports that the 30-year fixed-rate mortgage averaged 6.71%, up from last week when it averaged 6.67%. A year ago, at this time, the 30-year FRM averaged 5.70%.

The 15-year fixed-mortgage rate averaged 6.06%, up from last week when it averaged 6.03%. A year ago, at this time, the 15-year FRM averaged 4.83%.

Sam Khater, Freddie Mac’s Chief Economist said, “Mortgage rates have hovered in the six to seven percent range for over six months and, despite affordability headwinds, homebuyers have adjusted and driven new home sales to its highest level in more than a year. New home sales have rebounded more robustly than the resale market due to a marginally greater supply of new construction. The improved demand has led to a firming of prices, which have now increased for several months in a row.”