Mortgage rates were up in the new Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.86% as of May 22, up from last week when it averaged 6.81%. A year ago at this time, it averaged 6.94%.
The 15-year fixed-rate mortgage averaged 6.01%, up from last week when it averaged 5.92%. A year ago at this time, it averaged 6.24%.
Sam Khater, Freddie Mac’s chief economist, observed, “Mortgage rates inched up this week but continue to remain lower than one year ago. With more inventory for buyers to choose from than the last few years, purchase application activity continues to hold up.”
Home ownership is being penalized by an unrealistic Fed where interest rates are going opposite of the lower inflation rate. 20% of all jobs in the United States are related to housing, so the result of lower home sales is it is hurting all of those families when the business is unfairly reduced. We deserve better than what the Fed is deliberately doing wrong.