By coinnews 
00:00 Brad
Mortgage rates for the weekend and May 29th are out. Yahoo Finance is clear. Boston joins me now with the numbers. Claire, what do we know?
00:08 Claire
Hi, Brad. This week, this 30 year mortgage rate is averaging 6.89%, that is up slightly from 6.86% a week ago. 15 year mortgage rates are up to 6.03%, and that is up from 6.01% last week. So we have a pretty, you know, small increase here. It’s mostly just related to Treasury yield action we have seen this week. Um, it’s not good news for the spring home buying season though. Um at these really close to 7% rates, it is just really hard for a lot of home buyers to get in the market in any meaningful way. We are seeing that in data showing that home sales are just really weak so far this spring.
00:56 Brad
Yeah, we have a comment here from Sam Cater, who is the Freddie Mac chief economist. Essentially, um channeling the Miracles, the Motown R&B group saying, you better shop around when going to look at some of these mortgage rates out there. His exact quote here, aspiring buyers should remember to shop around for the best mortgage rate as they can potentially save thousands of dollars by getting multiple quotes here. We also know that there’s new data out showing that there are a record 34% more sellers than buyers in the market right now. That’s expected to bring home prices down though, right, Claire?
01:34 Claire
Right. So, um, we have to kind of think about this as a supply and demand dynamic. Uh right now, there are almost 500,000 more sellers in the market, according to Redfin, than buyers. Uh, you know, the buyers are not appearing in part because rates are so high. And Redfin ultimately sees this supply demand imbalance bringing homes down by about 1% this year. You know, that being said, home prices are still really close to record highs. These mortgage rates near 7%. I don’t know that that’s going to materially move the needle on making this market a little bit looser. But, you know, at this point, anything that can help buyers at all is good news.
02:21 Brad
Claire, thanks so much for breaking this down for us. 30 year fixed rate mortgage, 6.89%, 15 year fixed rate mortgage, 6.03%, and we’ll continue to monitor this going forward. Appreciate it, Claire.
02:39 Claire
Thanks, Brad.