Mortgage rates are officially closer to 7% than 6%, according to Freddie Mac’s latest weekly rate survey.

The 30-year fixed-rate mortgage averaged 6.51% for the seven-day period ending Thursday, a gain of 15 basis points. The 15-year rate averaged 5.85%, a 14-point increase.

Though both rates remain below their respective weekly averages of 6.86% and 6.01% recorded a year ago, they are now 15 and 23 basis points higher than their 52-week averages.

“As rates fluctuate, aspiring buyers should remember that by shopping around for the best mortgage rate and getting multiple quotes, they can potentially save thousands,” Sam Khater, Freddie Mac’s chief economist, remarked in a press release.

Many mortgage shoppers weren’t biting last week, however.

The Mortgage Bankers Association (MBA) reported Wednesday that mortgage demand fell to a five-week low during the week ending May 15, with seasonally adjusted purchase applications falling 4% and refinance volumes basically flat.

“Higher Treasury yields continued to push mortgage rates higher last week, weighing on affordability and overall application activity,” MBA President and CEO Bob Broeksmit said in commentary shared with Scotsman Guide on Thursday. “An increase in applications for adjustable-rate mortgages [ARMs] to the highest level since October 2025 signals that prospective buyers are seeking lower monthly payments as rates remain elevated.”

MBA data shows the average contract interest rate for 30-year home loans with conforming loan balances of $832,750 or less was 6.56% last week. But the average rate for 5/1 ARMs was 5.76%, underscoring Broeksmit’s observation.