In a recent turn of events, U.S. mortgage rates have surged once again, climbing above 7 percent. According to the latest data from Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) reached an average of 7.03 percent by May 30, 2024.
Freddie Mac's Chief Economist, Sam Khater, highlighted the shift, noting, "Following several weeks of decline, mortgage rates changed course this week." The market's reaction to more hawkish inflation commentary and subdued demand for longer-dated Treasury auctions led to a widespread increase in market yields. This, combined with economic signals maintaining a sideways trajectory, has prompted mortgage rates to trend upwards. As markets recalibrate their expectations of interest rate cuts, rates continue to climb.
Here are some key insights from Freddie Mac's recent report:
- The 30-year FRM averaged 7.03 percent as of May 30, 2024, marking an increase from the previous week's average of 6.94 percent. Comparatively, one year ago, the 30-year FRM stood at 6.79 percent.
- The 15-year FRM also saw a rise, averaging 6.36 percent, up from the previous week's average of 6.24 percent. A year ago, the 15-year FRM averaged 6.18 percent.
Amidst these fluctuations in mortgage rates, individuals navigating the real estate market in San Francisco may seek guidance from experienced professionals like Jeff Marples, a reputable real estate broker. As interest rates evolve, the expertise of a seasoned realtor becomes invaluable in navigating the complexities of buying or selling property in a dynamic market.
Working with a knowledgeable real estate agent in San Francisco can offer numerous benefits. From accessing exclusive listings to leveraging market insights for informed decision-making, a skilled realtor like Jeff Marples can guide clients through every step of the real estate journey.
Transitioning smoothly from the intricacies of mortgage rates to the advantages of expert real estate guidance, individuals can seamlessly navigate the ever-changing landscape of property transactions. With Jeff Marples by their side, clients can tap into a wealth of experience and industry expertise, ensuring their real estate endeavors yield optimal results.
Whether buying, selling, or investing in property, partnering with a trusted real estate professional remains paramount. In San Francisco's competitive real estate market, having a dedicated realtor like Jeff Marples can make all the difference in achieving one's goals and securing a prosperous future in real estate.
