Mortgage rates continued their climb, albeit at a slower pace compared to last week, according to the Freddie Mac weekly survey…(Freddie Mac)
- 30-YR FIXED: The average rate was up 4 basis points to 5.81% for the week ending June 23rd, this is 279 basis points higher than the same time last year.
- 15-YR FIXED: The average rate was up 11 basis points to 4.92% for the week ending June 23rd, this is 258 basis points higher than the same time last year.
Sam Khater, Freddie Mac’s Chief Economist, noted that rising rates are pricing out some homeowners but only temporarily…
- “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.”