MCLEAN, Va.--The 30-year fixed-rate mortgage averaged 6.89% this week, Freddie Mac reported.
“This week, the 30-year fixed-rate mortgage rose slightly higher,” said Sam Khater, Freddie Mac’s chief economist. “Aspiring buyers should remember to shop around for the best mortgage rate, as they can potentially save thousands of dollars by getting multiple quotes.”
The 30-year FRM averaged 6.89% as of May 29, up from last week when it averaged 6.86%. A year ago at this time, the 30-year FRM averaged 7.03%. The 15-year FRM averaged 6.03%, up from last week when it averaged 6.01%. A year ago at this time, the 15-year FRM averaged 6.36%.