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Mortgage Rates Back Above 7%

WRE News June 1, 2024

Buyer

Mortgage rates floated above the 7% mark again in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage averaged 7.03% as of May 30, up from last week when it averaged 6.94%. A year ago at this time, it averaged 6.79%.

The 15-year fixed-rate mortgage averaged 6.36%, up from last week when it averaged 6.24%. A year ago at this time, the 15-year FRM averaged 6.18%.

“Following several weeks of decline, mortgage rates changed course this week,” said Sam Khater, Freddie Mac’s chief economist. “More hawkish commentary about inflation and tepid demand for longer-dated Treasury auctions caused market yields to rise across the board. This reality, as well as economic signals that have moved sideways over the last few weeks, have resulted in mortgage rates drifting higher as markets continue to dial back expectations of interest rate cuts.”

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Mortgage Rates Back Above 7%

Recent Blog Posts

Mortgage Rates Stay Flat Ahead of Holiday Weekend

Make Your House the Top Thing on Every Buyer’s Wish List This Season

Bubbling Paint Will Ruin Your Walls—Here's How Experts Prevent It

Want To Boost Employee Morale And Productivity? Ramp Up Volunteering

Whale Watching Season In Paradise In Baja California Sur

St. Claire Gardens Neighborhood of Palo Alto

We are Your GPS to Success Let’s Get Started

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