Mortgage Rates Just Keep Going Up

Abandoned building in downtown Hollywood, FL
Abandoned building in downtown Hollywood, FL

Freddie Mac released its’ weekly Primary Mortgage Market Survey on May 24th, 2018:

Freddie Mac. 5_24_2018.Primary Mortage Market Survey. US weekly averages mortgage rates.
Freddie Mac. Primary Mortage Market Survey on 5/24/2018. US weekly averages mortgage rates.

This survey shows U.S weekly average mortgage rates and the changes in the rates for the week.

This week’s, May 24th, 2018, survey shows, that 30-year fixed rate mortage went up by 5 points since the last week’s survey.  Mortgage rates moved up over the past week to 4.66 percent.

The 30-year fixed rate mortgage increased by 71 points in a year. For the week of May 25th, 2017, when rate average was 3.95%.

At 4.66% the average mortgage rate is at the highest level since May 5, 2011, when it was 4.71 percent.

Mortgage rates so far in 2018 have risen in 15 out of the first 21 weeks (71 percent). It is the highest share since Freddie Mac began tracking this data for a full year in 1972.

The 15-year fixed-rate mortgage went up by 7 points. It is at 4.15 percent now, when last week was 4.08 percent.

The 15-year fixed rate mortgage for the year increased by 96 points. It was 3.19 percent on May 25th, 2017

Freddie Mac 5_24_2018. US weekly average mortgage rates.
Freddie Mac. US weekly average mortgage rates as of 5/24/2018

If more homeowners decide not to sell their home, because they do not want to get a new mortgage with a higher rate, then available homes shortage can be worse. There would be less homes for buyers to choose from.