Freddie Mac's results of its Primary Mortgage Market Survey® shows that "Fixed mortgage rates have increased by more than two full percentage points since the beginning of the year. The combination of rising rates and high home prices is the likely driver of recent declines in existing home sales. However, in reality many potential homebuyers are still interested in purchasing a home, keeping the market competitive but leveling off the last two years of red-hot activity."

• 30-year fixed-rate mortgage (FRM) averaged 5.81 percent with an average 0.8 points for the week ending May 26, 2022, up from last month when it averaged 5.1 percent. A year ago, at this time, the 30-year FRM averaged 3.02 percent.

• 15-year FRM this week averaged 4.92 percent with an average 0.9 points, up from last month when it averaged 4.31 percent. A year ago, at this time, the 15-year FRM averaged 2.34 percent.

• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.41 percent this week with an average 0.3 points, up from last month when it averaged 4.2 percent. A year ago, at this time, the 5-year ARM averaged 2.53 percent.