“Notably, the same factors impacting affordability may also be affecting the perceived ease of getting a mortgage,” Mark Palim, vice president and deputy chief economist, said in a news release. Fully half of the people surveyed in May expect mortgage rates to go up that’s a three-point increase from April’s 47%. In Fannie Mae’s monthly National Housing Survey, released June 7, the share of respondents who believe mortgage rates will go down in the next 12 months dropped three percentage points-from 22% to 19%-between April and May. and then submitted to Freddie Mac.įreddie Mac is a government-sponsored enterprise that buys mortgages and packages them as mortgage-backed securities.įannie Mae Survey Reveals Pessimism About Mortgage RatesĪs they face the existing hurdles of steep mortgage rates and high home prices, would-be homebuyers are somewhat pessimistic about the outlook for future rates and prices. “While elevated rates and other affordability challenges remain, inventory continues to be the biggest obstacle for prospective homebuyers,” Sam Khater, Freddie Mac’s chief economist, said in a news release announcing the new rates.įigures are taken from conventional mortgage applications sent to lenders across the U.S. Strikingly, the rise in 15-year, fixed-rate mortgage rates was even greater: 1.69 percentage points. The current 30-year rate represents an increase of almost one and a half percentage points over the past 12 months.
Meanwhile, the average rate for a 15-year, fixed-rate mortgage as of June 8 dipped to 6.07%, down from 6.18% the previous week. Last year at this time, the average rate stood at 5.23%.
After a three-week climb, mortgage rates have slid slightly, according to the latest primary mortgage market survey from Freddie Mac.Īs of June 8, the interest rate for a 30-year, fixed-rate mortgage averaged 6.71%, down from 6.79% the previous week, according to the survey report.
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