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6.79%: Mortgage Rates Approach 7%

  • June 1st 2023

by UrbanTurf Staff

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Mortgage rate chart 06-01-23.png

Interest rates continue to head north. 

Freddie Mac reported 6.79% as the average on a 30-year mortgage on Thursday, up 22 basis points compared to last week. 

“Mortgage rates jumped this week, as a buoyant economy has prompted the market to price-in the likelihood of another Federal Reserve rate hike,” Sam Khater, Freddie Mac’s Chief Economist, said in a release. “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.”

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/679_mortgage_rates_approach_7/21088.

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