30-Year Mortgage Rate Climbs Back Above 7%
Mortgage Rates Move Up
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending Thursday, May 30th.
The 30-year fixed-rate mortgage averaged 7.03%, up from last week when it averaged 6.94%. A year ago at this time, the 30-year rate averaged 6.79%.
The 15-year fixed-rate mortgage averaged 6.36%, up from last week when it averaged 6.24%. A year ago at this time, the 15-year rate averaged 6.18%.
Commenting on the results of this week’s survey, Freddie Mac Chief Economist Sam Khater said:
“Following several weeks of decline, mortgage rates changed course this week. More hawkish commentary about inflation and tepid demand for longer-dated Treasury auctions caused market yields to rise across the board. This reality, as well as economic signals that have moved sideways over the last few weeks, have resulted in mortgage rates drifting higher as markets continue to dial back expectations of interest rate cuts.”
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