According to Freddie Mac’s latest Primary Mortgage Market Survey, the 30-year fixed-rate mortgage in the U.S. averaged 6.57% as of 25 May 2023, up from 6.39% a week earlier. A year ago it was 5.10%.

“The US economy is showing continued resilience which, combined with debt ceiling concerns, led to higher mortgage rates last week,” said Sam Khater, Freddie Mac’s Chief Economist. “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.”

The average rate for a 15-year fixed-rate mortgage averaged 5.97%, up from 5.75% a week earlier and 4.31% a year ago.