For the week ending June 1, 30-year rates rose to 6.79% from 6.57%.
Rates continued their upward climb last week, but started easing as the debt ceiling compromise advanced through Congress. For the week ending June 1, 30-year rates rose to 6.79% from 6.57% the week before. In addition, 15-year loans increased to 6.18%. A year ago, 30-year fixed rates averaged 5.09%, more than 1.5% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “Mortgage rates jumped this week, as a buoyant economy has prompted the market to price-in the likelihood of another Federal Reserve rate hike. 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” 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 June 2 2023
|
Daily Value
|
Monthly Value
|
|
June 1
|
May
|
|
6-month Treasury Security
|
5.44%
|
5.27%
|
|
1-year Treasury Security
|
5.11%
|
4.91%
|
|
3-year Treasury Security
|
3.98%
|
3.82%
|
|
5-year Treasury Security
|
3.70%
|
3.59%
|
|
10-year Treasury Security
|
3.61%
|
3.57%
|
|
12-month LIBOR
|
|
5.716%
|
|
12-month MTA
|
|
4.214%
|
|
SOFR (30-Day Average)
|
|
5.041%
|
|
Prime Rate
|
|
8.25% (5/23)
|