Freddie Mac shows 30-year rate 6.51%

Freddie Mac said on May 21 that the average U.S. 30-year fixed mortgage rate rose to 6.51% for the week ending Wednesday, up from 6.36% a week earlier. The government-backed mortgage buyer said the increase pushed the benchmark rate to its highest level in nearly nine months. The average rate was still below 6.86% in the same week a year earlier. Freddie Mac’s weekly Primary Mortgage Market Survey is one of the most widely watched gauges of borrowing costs for homebuyers and refinancers. ### How big was this week’s move? The 15-basis-point increase was one of the sharper weekly moves this spring. Freddie Mac said the 30-year fixed-rate mortgage averaged 6.51%, while the average rate on a 15-year fixed mortgage rose to 5.76% from 5.62% a week earlier. The survey is based on rates collected from thousands of mortgage applications submitted to Freddie Mac through its Loan Product Advisor system. (freddiemac.com) A year-over-year comparison looked somewhat better. Freddie Mac’s data showed the 30-year average at 6.86% in the comparable week of 2025, meaning borrowers were still seeing lower rates than they did a year ago even after this latest jump. ### Why did 6.51% draw attention? ABC News, citing Freddie Mac data, reported that 6.51% was the highest average mortgage level in nearly nine months. (finance.yahoo.com) That matters because the spring selling season typically brings the year’s heaviest home-shopping traffic, and the benchmark 30-year rate is the number many buyers use to estimate monthly payments. Freddie Mac Chief Economist Sam Khater said in the company’s release, “The 30-year fixed-rate mortgage averaged 6.51% this week.” The company’s public mortgage-rate page shows the 52-week range for the 15-year mortgage at 5.35% to 6.03%, underscoring how close current borrowing costs are to the upper end of the past year’s range. (abcnews.com) ### What are higher rates doing to the spring market? ABC News reported on May 21 that higher mortgage rates had helped dampen home sales so far in the spring homebuying season. The outlet said the rise in borrowing costs was hitting buyers during what is usually the housing market’s busiest stretch. Realtor.com, also citing Freddie Mac’s weekly data, said the jump added pressure for buyers already contending with affordability constraints. (finance.yahoo.com) The publication noted that rates averaged 6.51% for the week ending May 21, compared with 6.36% a week earlier. ### What exactly does Freddie Mac’s survey measure? Freddie Mac says its Primary Mortgage Market Survey now relies on mortgage-rate data drawn from applications submitted by lenders across the country when a borrower applies for a mortgage. (abcnews.com) The company changed the survey’s methodology in November 2022, according to the Federal Reserve Bank of St. Louis’ FRED database, which republishes the series. (realtor.com) That makes the weekly series a snapshot of quoted borrowing costs rather than a forecast. Consumer-facing daily trackers, including Bankrate-based averages carried by other outlets, can show different figures because they use different samples and timing. ### When is the next update? Thursday, May 28, is the next scheduled release date for Freddie Mac’s weekly mortgage survey if the company keeps its usual publication cadence. (freddiemac.com) Freddie Mac posts the update on its mortgage-rates page, where Sam Khater’s weekly comments and the latest 30-year and 15-year averages are published. (msn.com)