U.S. Mortgage Rates Uptick in Late May, Approaching 7 Percent

According to Freddie Mac's latest Primary Mortgage Market Survey, the 30-year fixed-rate mortgage in the U.S. averaged 6.57 percent as of May 25, 2023.

"The U.S. economy is showing continued resilience which, combined with debt ceiling concerns, led to higher mortgage rates this week," said Sam Khater, Freddie Mac's Chief Economist. "Dampened affordability remains an issue for interested homebuyers and homeowners seem unwilling to lose their low rate and put their home on the market. If this predicament continues to limit supply, it could open up an opportunity for builders to help address the country's housing shortage."

Freddie Mac News Facts

• 30-year fixed-rate mortgage averaged 6.57 percent as of May 25, 2023, up from last week when it averaged 6.39 percent. A year ago at this time, the 30-year FRM averaged 5.10 percent.
• 15-year fixed-rate mortgage averaged 5.97 percent, up from last week when it averaged 5.75 percent. A year ago at this time, the 15-year FRM averaged 4.31 percent.

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