U.S. mortgage rates climbed to 6.51% this week, reaching their highest level in nearly nine months and adding new pressure to homebuyers during the spring housing season.
Freddie Mac said the average 30-year fixed mortgage rate rose from 6.36% last week to 6.51% as of May 21. The 15-year fixed rate also increased, rising to 5.85% from 5.71%.
The increase matters because even a small rate move can change affordability. On a $400,000, 30-year mortgage, the weekly jump adds roughly $39 a month in principal and interest, before taxes and insurance.
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Higher mortgage rates can slow home sales, reduce buyer budgets, pressure builders, and keep more homeowners locked into lower-rate loans they took out earlier. That can limit supply and make the housing market feel stuck.
The broader economic concern is that elevated borrowing costs can cool housing activity while keeping affordability out of reach for many families.
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