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Freddie Mac reported that the 30-year fixed-rate mortgage averaged 6.53% in the week ending May 28, up from 6.51% the prior week and the highest level since Aug. 2025. The 15-year fixed-rate mortgage averaged 5.87%, up from 5.85% a week earlier.
The 30-year fixed rate has climbed 30 basis points over the past five weeks, according to CNBC. A year ago, the 30-year rate stood at 6.89%.
The elevated rates are weighing on borrower activity. The Mortgage Bankers Association's seasonally adjusted index showed overall application volume declined 8.5% week over week. Refinance applications dropped 18% for the week, while applications to purchase a home slipped 0.4%.
"The highest mortgage rates since last August have slowed borrower demand in recent weeks," Bob Broeksmit, president and CEO of the Mortgage Bankers Association, said in a statement, according to Yahoo Finance.
