Mortgage Rates Back Above 7%

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.”