HOMZ - 'Economic crosscurrents' keep mortgage rates higher

2023-05-18 12:17:21 ET

"Economic crosscurrents" have kept mortgage rates higher than last several weeks, according to the Freddie Mac Primary Mortgage Survey.

30-year fixed-rate mortgages averaged 6.39% for the week ended May 18, up from last week when they averaged 6.35% and from 5.25% a year ago.

15-year fixed-rate mortgages averaged 5.75%, unchanged from last week and higher than 4.43% in the year-ago period.

"The 30-year fixed-rate mortgage averaged 6.39 percent this week, as economic crosscurrents have kept rates within a ten-basis point range over the last several weeks," Freddie Mac's chief economist, Sam Khater, said.

"While affordability remains a hurdle, homebuyers are getting used to current rates and continue to pursue homeownership," Khater said.

Here is a look at the mortgage rate movements in the last few weeks:

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