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Mortgage rates climb toward 7%

MCLEAN, Va. — Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS), showing the 30-year fixed-rate mortgage (FRM) averaged 6.79%.

“Mortgage rates jumped this week, as a buoyant economy has prompted the market to price-in the likelihood of another Federal Reserve rate hike,” said Sam Khater, Freddie Mac’s chief economist. “Although there has been a steady flow of purchase demand around rates in the low to mid six% range, that demand is likely to weaken as rates approach seven%.”

  • 30-year fixed-rate mortgages averaged 6.79% as of June 1, 2023, up from last week when it averaged 6.57%. A year ago at this time, the 30-year FRM averaged 5.09%.
  • 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 FRM averaged 4.32%.

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