Mortgage rates increased this week, with the average rate for a 30-year fixed-rate mortgage rising to 6.81%, up from 6.76% last week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the average rate for a 30-year was 7.02%.
The jump comes just as the spring purchase market seems to be warming up.
Sam Khater, chief economist for Freddie Mac, notes that the 30-year has “remained below the 7 percent threshold for the 17th consecutive week.”
“Stable mortgage rates coupled with moderately rising inventory are attracting homebuyers into the market, with purchase application activity up 18 percent from last year,” Khater says in a statement.
The average rate for a 15-year fixed-rate mortgage was 5.92%, up from 5.89% last week and up from 6.28% a year ago.
Photo: Declan Sun