Fixed Mortgage Rates Climb Higher in the Week Ending May 25th
Mortgage Rates Continue to Increase
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending May 25th. The 30-year fixed-rate mortgage averaged 6.57%, up from last week when it averaged 6.39%. A year ago at this time, the 30-year rate averaged 5.10%.
The 15-year fixed-rate mortgage averaged 5.97%, up from last week when it averaged 5.75%. A year ago at this time, the 15-year rate averaged 4.31%.
Adding additional background and his analysis to this week’s survey, Freddie Mac’s Chief Economist Sam Khater said:
“The US economy is showing continued resilience which, combined with debt ceiling concerns, lead to higher mortgage rates this week. Dampened affordability remains an issue for interested homebuyers and homeowners seem unwilling to lose their low rate and put their home on the market. If this predicament continues to limit supply, it could open up opportunity for builders to help address the country’s housing shortage.”
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