Mortgage Rates Continue to Rise in the U.S.

Hitting nearly 7 Percent in Early June says Freddie Mac

Based on Freddie Mac's latest Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 6.79 percent as of June 1, 2023.

"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." 

Freddie Mac News Facts:

• 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.

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