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Mortgage rates continue to increase

MCLEAN, Va. —  Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS), showing the 30-year fixed-rate mortgage (FRM) averaged 6.57%.

“The U.S. economy is showing continued resilience which, combined with debt ceiling concerns, led to higher mortgage rates this week,” said Sam Khater, Freddie Mac’s chief economist. “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 an opportunity for builders to help address the country’s housing shortage.”

  • 30-year fixed-rate mortgages averaged 6.57% as of May 25, 2023, up from last week when it averaged 6.39%. A year ago at this time, the 30-year FRM averaged 5.10%.
  • 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 FRM averaged 4.31%.

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