Mortgage Rates Climb Back Above 7%
By CU Today Staff —
MCLEAN, Va.—Mortgage rates moved back above 7% this week, with the average 30-year fixed-rate mortgage rising to 7.03%, according to Freddie Mac.
The 30-year rate increased from 6.95% a week earlier and is well above the 6.30% average recorded a year ago. The 15-year fixed-rate mortgage averaged 6.42%, up from 6.26% last week and 5.49% a year earlier.
“The housing market remains supported by a solid labor market and an economy that is growing at a healthy rate,” said Sam Khater, Freddie Mac's chief economist.
Originally reported by CU Today.