Freddie Mac recently released the results of its Primary Mortgage Market Survey (PMMS). The PMMS showed the 30-year fixed-rate mortgage (FRM) averaged 6.57 percent.
“The U.S. economy is showing continued resilience which, combined with debt ceiling concerns, led to higher mortgage rates this week,” Freddie Mac Chief Economist Sam Khater said in the survey. “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,” Khater added.
Some quick facts in the survey included:
- The 30-year fixed-rate mortgage averaging 6.57 percent as of May 25 was up from the week before, when it averaged 6.39 percent. A year ago, at this time, the 30-year FRM averaged 5.10 percent.
- The 15-year fixed-rate mortgage averaged 5.97 percent, up from the week before, when it averaged 5.75 percent. A year ago, at this time, the 15-year FRM averaged 4.31 percent.