Mortgage Rates Jump To 7.28%, Freddie Mac Reports
By CU Today Staff —
MCLEAN, Va.—Mortgage rates moved sharply higher this week, with the average 30-year fixed-rate mortgage climbing to 7.28%, according to Freddie Mac’s latest Primary Mortgage Market Survey.
The 30-year fixed-rate mortgage was up 25 basis points from 7.03% a week earlier and remained well above the 6.34% average recorded during the same week a year ago.
“With mortgage rates on their current trajectory, the housing market continues to be supported by favorable economic conditions,” said Sam Khater, Freddie Mac's chief economist.
The 15-year fixed-rate mortgage also increased, averaging 6.60%, compared with 6.42% last week. A year ago, the 15-year mortgage averaged 5.55%.
Originally reported by CU Today.