6.57%: Mortgage Rates Rise

  • May 25th 2023

by UrbanTurf Staff

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Mortgage rates shot up this week as the U.S. economy showed strength and debt ceiling concerns grew. 

Freddie Mac reported 6.57% as the average on a 30-year mortgage on Thursday, up 18 basis points compared to last 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," Sam Khater, Freddie Mac’s Chief Economist, said in a release. "If this predicament continues to limit supply, it could open up an opportunity for builders to help address the country’s housing shortage."

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

This article originally published at https://dc.urbanturf.com/articles/blog/657_mortgage_rates_rise/21067.

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