The average rate for a 30-year fixed-rate mortgage increased to 6.66% this week, up from 6.62% 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 6.33%.
“Mortgage rates have not moved materially over the last three weeks and remain in the mid-six percent range, which has marginally increased homebuyer demand,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Even this slight uptick in demand, combined with inventory that remains tight, continues to cause prices to rise faster than incomes, meaning affordability remains a major headwind for buyers.”
“Potential homebuyers should look closely at existing state and local resources, such as down payment assistance programs, which can considerably help defray closing costs,” Khater adds.
The average rate for a 15-year fixed-rate mortgage was 5.87%, down from last week when it averaged 5.89%.
A year ago at this time, the average rate for a 15-year was 5.52%.
Photo: Alison Pang