Mortgage Rates Rise To 6.71%, Remain Above Year-Ago Level
By CU Today Staff —
MCLEAN, Va.—The average rate on a 30-year fixed-rate mortgage increased to 6.71% this week, up from 6.66% a week earlier, according to Freddie Mac’s latest Primary Mortgage Market Survey.
The rate also remained above its year-ago level of 6.50%, continuing to challenge affordability for prospective homebuyers.
“The 30-year fixed-rate mortgage averaged 6.71% this week,” said Sam Khater, Freddie Mac’s chief economist. “Purchase demand has remained relatively stable indicating steady interest from buyers adapting to evolving market conditions.”
The average rate on a 15-year fixed-rate mortgage rose to 6.04% from 5.98% the previous week. A year earlier, the 15-year mortgage averaged 5.60%.
Originally reported by CU Today.