Mortgage Rates Hold Near 6.5%, Refinance Activity Continues To Climb
By CU Today Staff —
MCLEAN, Va.—The average rate on a 30-year fixed-rate mortgage remained relatively steady this week, edging up to 6.49% from 6.47% a week earlier, according to Freddie Mac's latest Primary Mortgage Market Survey.
"The average 30-year fixed mortgage rate was little changed this week at 6.49%," said Sam Khater, Freddie Mac's chief economist. "Rates have remained relatively stable over the last six weeks. Meanwhile, purchase activity eased modestly and refinance activity has continued to pick up recently, reflecting borrowers' responsiveness to current rate levels."
The 30-year fixed-rate mortgage averaged 6.49% as of June 25, down from 6.77% a year ago. The average rate on a 15-year fixed-rate mortgage rose to 5.84% from 5.81% the previous week but remained slightly below the 5.89% average recorded one year earlier.
The latest survey suggests borrowers continue to benefit from mortgage rates that are lower than last summer's levels, although elevated borrowing costs continue to weigh on home purchase activity even as refinancing becomes more attractive for some homeowners.
Originally reported by CU Today.