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All • June 1, 2023

Mortgage Rates Up This Week

by Rodney Ward

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

“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 percent range, that demand is likely to weaken as rates approach seven percent.”

  • 30-year fixed-rate mortgage averaged 6.79 percent as of June 1, 2023, up from last week when it averaged 6.57 percent. A year ago at this time, the 30-year FRM averaged 5.09 percent.
  • 15-year fixed-rate mortgage averaged 6.18 percent, up from last week when it averaged 5.97 percent. A year ago at this time, the 15-year FRM averaged 4.32 percent.

The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit.

Check with your mortgage lender for information on daily interest rate movements. You can also search online for daily mortgage interest information on sites such as Mortgage News Daily.

 

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