Mortgage Rates Inch Up

Mortgage rates were up in the new Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage averaged 6.86% as of May 22, up from last week when it averaged 6.81%. A year ago at this time, it averaged 6.94%.

The 15-year fixed-rate mortgage averaged 6.01%, up from last week when it averaged 5.92%. A year ago at this time, it averaged 6.24%.

Sam Khater, Freddie Mac’s chief economist, observed, “Mortgage rates inched up this week but continue to remain lower than one year ago. With more inventory for buyers to choose from than the last few years, purchase application activity continues to hold up.”