Mortgage Rates Move Up 6/01/2023
“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.”
News Facts
- The 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.
- The 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.
