Mortgage rates increased for a second straight week, with the average rate for a 30-year fixed-rate mortgage rising to 6.81%, up from 6.71% 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 5.30%.
“Mortgage rates continued their upward trajectory again this week, rising to the highest rate this year so far,” says Sam Khater, chief economist for Freddie Mac, in a statement. “This upward trend is being driven by a resilient economy, persistent inflation and a more hawkish tone from the Federal Reserve. These high rates combined with low inventory continue to price many potential homebuyers out of the market.”
The average rate for a 15-year fixed-rate mortgage was 6.24%, up from 6.06% last week.
A year ago at this time, the average rate for a 15-year was 4.45%.
Photo: Alison Pang