Freddie Mac's results of its Primary Mortgage Market Survey® shows that "The U.S. economy is showing continued resilience which, combined with debt ceiling concerns, led to higher mortgage rates this week. 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."
• 30-year fixed-rate mortgage (FRM) averaged 6.57 percent for the week ending May 25, 2023, up from last month when it averaged 6.43 percent. A year ago, at this time, the 30-year FRM averaged 5.10 percent.
• 15-year FRM this week averaged 5.97 percent, up from last month when it averaged 5.71 percent. A year ago, at this time, the 15-year FRM averaged 4.31 percent.