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Mortgage rates jump to highest level since November

Posted on AllSides June 2nd, 2023
From The Right
Jeremy Erickson/Bloomberg via Getty Images

The average long-term U.S. mortgage rate climbed this week to its highest level since November, according to weekly data compiled by mortgage buyer Freddie Mac.

The rate on the 30-year fixed mortgage rose to 6.79% this week from 6.57% a week ago. One year ago, it averaged 5.09%.

"Mortgage rates jumped this week, as a buoyant economy has prompted the market to price-in the likelihood of another Federal Reserve rate hike," said Sam Khater, Freddie Mac’s chief economist. "Although there has been a steady flow of purchase demand around rates in the low...

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