Mortgage Rates Hit 6.62% After Trump/Xi Meeting
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- Mortgage rates rose to 6.62% for the average top-tier 30-year fixed on May 15, 2026, matching levels last seen on March 26-27 and the highest since August 1, 2025.
- Bond yields spiked immediately after Trump departed China at the end of the 2-day Trump/Xi meeting, with the bond market having hoped for evidence of a shift toward peace.
- Fannie Mae and Freddie Mac ramped up purchases of mortgage-backed debt, keeping mortgage rates lower than they otherwise would be relative to U.S. Treasury benchmarks.
- U.S. Treasury yields are now well above late March levels and in line with first-half 2025 readings, when mortgage rates were 7% instead of 6.62%.
Why it matters: Treasury yields are now at first-half 2025 levels — when mortgages were 7% — but aggressive Fannie and Freddie MBS purchases are keeping rates at 6.62%. For homebuyers, the end of the Trump/Xi summit pushed rates higher in a single session, and home affordability now hinges partly on continued GSE intervention.
