For the week ending May 25, 30-year rates rose to 6.57% from 6.39% the week before.
Rates continued to rise as the debt ceiling talks moved toward the finish line, though we all expected any agreement to happen at the last second. For the week ending May 25, 30-year rates rose to 6.57% from 6.39% the week before. In addition, 15-year loans increased to 5.97%. A year ago, 30-year fixed rates averaged 5.10%, more than 1.0% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “The U.S. economy is showing continued resilience which, combined with debt ceiling concerns, led to higher mortgage rates this 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. If this predicament continues to limit supply, it could open an opportunity for builders to help address the country’s housing shortage.”
Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
Current Indices for Adjustable Rates
Updated May 26, 2023
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Daily Value
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Monthly Value
|
|
May 25
|
April
|
|
6-month Treasury Security
|
5.46%
|
4.99%
|
|
1-year Treasury Security
|
5.24%
|
4.68%
|
|
3-year Treasury Security
|
4.21%
|
3.76%
|
|
5-year Treasury Security
|
3.90%
|
3.54%
|
|
10-year Treasury Security
|
3.83%
|
3.46%
|
|
12-month LIBOR
|
|
5.366%
|
|
12-month MTA
|
|
3.977%
|
|
SOFR (30-Day Average)
|
|
4.819%
|
|
Prime Rate
|
|
8.25% (5/23)
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