Mortgage Rates Rise on May 30, 2023.

Several closely followed mortgage rates increased over the past week, with the average 15-year fixed and 30-year fixed mortgage rates both climbing higher. The Federal Reserve's recent 25-basis-point increase to its benchmark short-term interest rate suggests that inflation is cooling and the central bank may soon be able to pause its rate hiking regime. While mortgage rates are likely to decrease slightly in 2023, they remain well above where they were a year ago, making it difficult for many buyers, particularly those looking for their first home, to afford a monthly payment. Homebuyers should focus on improving their credit score and saving for a down payment to increase their odds of qualifying for the lowest rate available.