The average U.S. 30-year fixed mortgage rate climbed to 6.51 percent for the week ending May 21, reaching its highest level in nearly nine months, mortgage buyer Freddie Mac reported.
The rate rose from 6.36 percent the prior week and remains below the 6.86 percent average recorded a year earlier. The 15-year fixed rate averaged 5.85 percent, up from 5.71 percent. Freddie Mac chief economist Sam Khater said aspiring buyers should shop multiple lenders, as rate differences can save thousands over the life of a loan.
The increase comes during the traditionally busy spring home-buying season and follows a period when rates briefly dipped just below 6 percent in late February before reversing higher. Elevated Treasury yields driven by Iran war inflation fears and strong economic data have pushed borrowing costs upward.
The last time the 30-year average exceeded current levels was August 28, 2025, when it stood at 6.56 percent. Higher mortgage rates reduce affordability for homebuyers and can slow housing turnover, though limited inventory in many markets has partially offset the impact on home prices.
Freddie Mac’s Primary Mortgage Market Survey showed the 15-year fixed rate at 5.85 percent, up from 5.71 percent the prior week. Khater encouraged buyers to obtain multiple lender quotes because rate shopping can reduce lifetime borrowing costs. Housing affordability remains constrained in many metro areas despite prices stabilizing in some markets.
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Sources:
https://dailycuratednews.substack.com/p/news-headlines-may-22-2026