Mortgage Rates Average 6.58%
By CU Today Staff —
McLEAN, Va.— The average rate on a 30-year fixed-rate mortgage edged higher this week, climbing to 6.58% from 6.55% a week earlier, according to Freddie Mac's latest Primary Mortgage Market Survey.
The government-sponsored enterprise said the average 15-year fixed-rate mortgage also increased, rising to 5.96% from 5.93% the previous week. Despite the weekly increase, the 30-year rate remains below the 6.74% average recorded during the same week a year ago. The 15-year rate, however, is slightly above the 5.87% average reported a year earlier.
"As market conditions continue to evolve, borrowers should remember that shopping around for a mortgage rate can make a meaningful difference, potentially saving them thousands over the loan's lifetime," Freddie Mac Chief Economist Sam Khater said in a statement.
Mortgage rates have remained in a relatively narrow range in recent weeks, continuing to influence affordability for prospective homebuyers while keeping refinancing activity subdued. The latest survey reflects average rates offered to borrowers as of July 23.
Originally reported by CU Today.