The latest survey by Freddie Mac reveals a slight increase in the 30-year fixed-rate mortgage (FRM), now at 6.12%.
The rise in mortgage rates follows escalating global tensions and a rebound in short-term rates, which dampened market hopes for rate cuts, according to Freddie Mac’s Chief Economist Sam Khater. He added that despite the recent stall, mortgage rates have fallen by one and a half percentage points over the last year, contributing to a more favorable environment for homebuyers as home prices stabilize, inventory grows, and incomes increase.
The 30-year FRM increased from 6.08% last week, while the rate a year ago stood at 7.49%. The 15-year FRM rose to 5.25% from 5.16% last week, down from 6.78% a year earlier.
