Mortgage rates continued to rise this week, with the average rate for a 30-year fixed-rate mortgage at 6.44%, up from 6.32% 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 7.63%.
“The 30-year fixed-rate mortgage increased for the third consecutive week, moving closer to 6.5 percent,” says Sam Khater, chief economist for Freddie Mac, in a statement. “In general, higher rates reflect the strength in the economy that is supportive of the housing market. But notably, as compared to a year ago, rates are more than one percentage point lower and potential homebuyers can stand to benefit, especially by shopping around for the best quote as rates can vary widely between mortgage lenders.”
The average rate for a 15-year fixed-rate mortgage was 5.63%, up from 5.41% last week but down from 6.92% a year ago.
Yesterday the Mortgage Bankers Association reported that mortgage application volume plummeted 17% compared with the previous week due to sharply rising rates.
Photo: Bikram Sharma