most-expensive-houses:-mortgage-rates-rise-again-in-the-us-this-week

Home buyers in the United States face a new jump in mortgages. This week Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 6.79%.

“Mortgage rates rose this week as a buoyant economy has led the market to price in the likelihood of another Federal Reserve rate hike,” said Sam Khater, chief economist at Freddie Mac.

“Although there has been a steady stream of buying demand around rates in the low to mid 6% range, that demand is likely to weaken as rates approach 7%.”

For Zillow, the expectation is that by the end of 2023, prices will moderate and fees will stabilize below their maximum of 7%, a combination that will result in better affordability for homebuyers.

This is how the rates were:

30-year mortgage:

The 30-year fixed-rate mortgage averaged 6.79% as of June 1, 2023, up from last week when it averaged 6.57%. A year ago at this time, the 30-year FRM averaged 5.09%.

15-year mortgage:

The 15-year fixed-rate mortgage averaged 6.18%, up from last week when it averaged 5.97%. A year ago at this time, the 15-year FRM averaged 4.32%.

PMMS focuses on fully amortizing, conforming, conventional home purchase loans for borrowers with a 20 percent down payment and excellent credit.

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By Scribe