Mortgage rates crept up this week, as the average rate for a 30-year fixed-rate mortgage increased to 6.72%, up from last week when it averaged 6.60%, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the average rate for a 30-year was 6.67%.
“This week, mortgage rates crept up to a similar average as this time in 2023,” says Sam Khater, chief economist for Freddie Mac, in a statement. “For the most part, mortgage rates have moved between 6 and 7 percent over the last 12 months. Homebuyers are slowly digesting these higher rates and are gradually willing to move forward with buying a home, resulting in additional purchase activity.”
As of December 19, the average rate for a 15-year fixed-rate mortgage was 5.92%, up from 5.84% last year and up 5.95% from a year ago.
Yesterday, the Mortgage Bankers Association reported that total mortgage application volume dipped 0.7% during the week ended December 13, as rates increased.
The decrease in application volume followed five consecutive weeks of increases.
Photo: David Kristianto