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Mortgage rates this week
Mortgage rates rose the week ending May 30, with average rates on 30-year fixed loans creeping back past the 7% mark.
The 30-year fixed-rate mortgage averaged 7.02% APR, up 15 basis points from the previous week's average, according to rates provided to NerdWallet by Zillow. A basis point is one one-hundredth of a percentage point.
The 15-year fixed-rate mortgage averaged 6.27% APR, up 14 basis points from the previous week's average.
The 5-year adjustable-rate mortgage averaged 7.76% APR, up one basis point from the previous week's average.
Last week, mortgage interest rates edged downward despite lacking an obvious motivation. This week was similar in that we didn't see needle-moving headlines, but rates took the opposite tack, nudging upward. There's nothing in the near-term calendar that's likely to be a major mover, but that doesn't mean mortgage rates will remain stable; it just makes it harder to say in which direction they might go.
Mortgage loans from our partners
on New American Funding
on New American Funding
Mortgage loans from our partners
on New American Funding
on New American Funding
June mortgage rate forecast
Mortgage rates probably won't vary much in the first week and a half of June. But starting June 12, it's anyone's guess what they will do. Among the factors that influence mortgage rates, two items have exerted an especially big impact in recent years: the monthly consumer price index, and meetings of the Federal Reserve's monetary policy committee. And both will happen on June 12, in an uncommon kink in the calendar.
What other forecasters predict
Fannie Mae and the Mortgage Bankers Association revised their mortgage rate forecasts upward in May as inflation has proved tenacious. Fannie Mae's prediction is less optimistic than the MBA's.
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