Mortgage Rates Move Up Slightly but Stay Below 3% in the Week Ending June 3, 2021

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending May 27, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.99% with an average 0.6 point, up from last week when it averaged 2.95%. A year ago at this time, the 30-year FRM averaged 3.18%. The 15-year fixed-mortgage averaged 2.27% with an average 0.6 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 2.62%. In prepared remarks, Freddie Mac’s Chief Economist Sam Khater said, “Home prices continue to accelerate while inventory remains low and new home construction cannot happen fast enough. There are many potential homebuyers who would like to take advantage of low mortgage rates, but competition is strong. For homeowners, however, continued low rates make refinancing an option worth considering.”