Mortgage rates rose to their highest level since August, according to the Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.51% as of May 21, up from last week when it averaged 6.36%. A year ago at this time, it averaged 6.86%.
The 15-year fixed-rate mortgage averaged 5.85%, up from last week when it averaged 5.71%. A year ago at this time, it averaged 6.01%.
Sam Khater, Freddie Mac’s chief economist, observed, “As rates fluctuate, aspiring buyers should remember that by shopping around for the best mortgage rate and getting multiple quotes, they can potentially save thousands.”
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