Mortgage Rates Jump in the Week Ending June 1st
Mortgage Rates Jump Up
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending June 1st. The 30-year fixed-rate mortgage averaged 6.79%, up from last week when it averaged 6.57%. A year ago at this time, the 30-year rate averaged 5.09%.
The 15-year fixed-rate mortgage averaged 6.18%, up from last week when it averaged 5.97%. A year ago at this time, the 15-year rate averaged 4.32%.
Adding additional background and his analysis to this week’s survey, Sam Khater, Freddie Mac’s Chief Economist, said:
“Mortgage rates jumped this week, as a buoyant economy has prompted the market to price-in the likelihood of another Federal Reserve rate hike. Although there has been a steady flow of purchase demand around rates in the low to mid six percent range, that demand is likely to weaken as rates approach seven percent. “
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