After soaring from 3.2% in January 2022 to 5.3% in May 2022, mortgage interest rates have actually started to level off and even decline in recent weeks.

The graph above shows the average 30-year fixed rate mortgage interest rate each week for the past year.  Clearly, rates have been rising quickly for the past four to five months... but if you look at the past four weeks, you'll see a different trend.

May 12 = 5.30%

May 19 = 5.25%

May 26 = 5.10%

June 2 = 5.09%

It is certainly encouraging to see mortgage interest rates leveling out a bit with the potential for sticking right around 5% in coming weeks and months. 

Certainly, I'd rather today's buyers were able to obtain a 3.5% or 4% mortgage interest rate if possible... but given the possibility of 5%, 5.5%, 6% or even higher, something right around 5% sounds just fine!