Mortgage Rates Tick Up, Remain Below Year-Ago Levels
By CU Today Staff —
MCLEAN, Va.—The average rate on a 30-year fixed-rate mortgage edged higher this week but remained well below year-ago levels, according to Freddie Mac.
Freddie Mac reported that the 30-year fixed-rate mortgage averaged 6.52% for the week ending June 11, up from 6.48% a week earlier. A year ago, the benchmark mortgage rate stood at 6.84%.
"The 30-year fixed-rate mortgage averaged 6.52% this week," Freddie Mac Chief Economist Sam Khater said. "Stronger employment momentum has helped existing home sales reach a five-month high. Importantly, we're seeing homebuyers look past the short-term rate fluctuations and actively enter the market, signaling renewed confidence in homeownership opportunities."
The 15-year fixed-rate mortgage averaged 5.84%, up from 5.79% the previous week but below the 5.97% average recorded during the same period last year. The survey suggests borrowing costs remain elevated by historical standards, although rates have eased from levels seen a year ago as housing activity shows signs of strengthening.
Originally reported by CU Today.