Mortgage rates held steady this week, with the average rate for a 30-year, fixed-rate mortgage at 6.49%, up slightly from 6.47% 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 7.09%.
“While rates increased slightly this week, they remain more than half a percent lower than the same time last year,” says Sam Khater, chief economist for Freddie Mac, in a statement. “In 2023, the 30-year fixed-rate mortgage nearly hit 8 percent, slamming the brakes on the housing market. Now, the 30-year fixed-rate hovers around 6.5 percent and will likely trend down in the coming months as inflation continues to slow. Lower rates are good news for potential buyers and sellers alike.”
The average rate for a 15-year fixed-rate mortgage was 5.66%, up from 5.63% last week but down from 6.46% a year ago.
Yesterday the Mortgage Bankers Association reported that mortgage application volume surged 16.8% last week as mortgage rates tumbled, with most of the increase coming from refinances.
Photo: Bikram Sharma