Mortgage rates increased to 6.89% for the week ending May 29, amidst rising 10-year Treasury yields and uncertainty surrounding President Trump's proposed policies for Freddie Mac and Fannie Mae. Trump's advocacy for these government-backed entities to be listed on stock exchanges, while retaining government guarantees, adds to the housing market's instability. Sam Khater from Freddie Mac suggests that potential buyers should compare rates to save money, as the high rates present significant challenges in a currently cooling housing market, as noted by Realtor.com economist Jake Krimmel.
"High mortgage rates will continue to pose significant challenges for homebuyers," says Realtor.com senior economist Jake Krimmel.
"This week, the 30-year fixed-rate mortgage rose slightly higher," says Sam Khater, Freddie Mac's chief economist.
"I am working on TAKING THESE AMAZING COMPANIES PUBLIC, but I want to be clear, the U.S. Government will keep its implicit GUARANTEES," Trump wrote.
"Aspiring buyers should remember to shop around for the best mortgage rate, as they can potentially save thousands of dollars by getting multiple quotes."
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