Mortgage rates recorded a scant upward movement in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.49% as of June 25, up from last week when it averaged 6.47%. A year ago at this time, it averaged 6.77%.
The 15-year fixed-rated mortgage averaged 5.84%, up from last week when it averaged 5.81%. A year ago at this time, it averaged 5.89%.
“The average 30-year fixed mortgage rate was little changed this week at 6.49%” said Sam Khater, Freddie Mac’s chief economist. “Rates have remained relatively stable over the last six weeks. Meanwhile, purchase activity eased modestly and refinance activity has continued to pick up recently, reflecting borrowers’ responsiveness to current rate levels.”
Separately, new data from the Mortgage Bankers Association (MBA) found homebuyer affordability declining in May, with the national median payment applied for by purchase applicants increasing to $2,198 from $2,152 in April. The national median mortgage payment was down by $13 from one year ago, equal to a 0.6% decrease.
The national median mortgage payment for conventional loan applicants was $2,211, up from $2,166 in April and down from $2,235 in May 2025. The national median mortgage payment for FHA loan applicants was $1,873 in May, up from $1,829 in April and down from $1,927 in May 2025.
“Affordability conditions weakened in May, as rising mortgage rates, combined with increasing loan application amounts, drove mortgage payments higher,” said Edward Seiler, MBA’s associate vice president of housing economics and executive director of the Research Institute for Housing America. “The decrease in affordability was widespread, with conditions declining in 33 states. While affordability conditions remain improved compared to a year ago, the monthly increase underscores how sensitive prospective homebuyers remain to changes in interest rates and home prices.”
0 Comments