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Long-Term Mortgage Rates Jump To 6.51%

  • May 21st

by UrbanTurf Staff

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Mortgage rate chart_05-21-26.png

After a few weeks of relative calm, long-term mortgage rates moved sharply higher this week.

Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.51%, up 15 basis points from 6.36% last week. A year ago at this time, the 30-year rate averaged 6.81%.

The move higher comes as broader financial markets have grown jittery on several fronts at once. The latest Consumer Price Index data showed inflation rising 3.8% annually — the sharpest increase since mid-2023 — putting upward pressure on bond yields and, by extension, mortgage rates. Compounding that, interest rates on home loans have faced additional upward pressure amid global instability, including the U.S. conflict with Iran, which has pushed oil prices higher and stoked broader inflation concerns. 

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

See other articles related to: interest rates, mortgage rates

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/long-term_mortgage_rates_jump_to_651/24655.

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