The average 30-year fixed-rate mortgage rose to 6.44%, according to Freddie Mac's latest Primary Mortgage Market Survey. This marks the third straight week of increases, with rates now approaching 6.5%. Freddie Mac’s Chief Economist Sam Khater notes that this trend reflects the economy’s resilience, which continues to support the housing market.
The 30-year rate, which was at 6.32% last week, is still more than one percentage point lower than it was a year ago, when the average stood at 7.63%. Khater encourages potential homebuyers to shop around, as mortgage rates can vary significantly between lenders.
The 15-year fixed-rate mortgage also saw an uptick, averaging 5.63% this week, up from last week's 5.41%. Last year, the 15-year rate averaged 6.92%.
