Mortgage rates experience first rise in months amidst uncertain interest rate environment.

The average rate for a 30-year fixed-rate mortgage increased to 6.39% for the week ending May 18, 2023, according to Freddie Mac’s latest Primary Mortgage Market survey. Despite the recent rise in mortgage rates, April saw home purchase sentiment increase to its highest level since last year, according to a survey by Fannie Mae. The recent increase in mortgage rates followed the Federal Reserve's decision to increase interest rates by another 25 basis points during its May meeting, despite signs of slowing inflation.