Mortgage rates continued to rise this week, with the average rate for a 30-year fixed-rate mortgage (FRM) reaching 6.89%, up from 6.86% 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 7.03%.
“This week, the 30-year fixed-rate mortgage rose slightly higher,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Aspiring buyers should remember to shop around for the best mortgage rate, as they can potentially save thousands of dollars by getting multiple quotes.”
The average rate for a 15-year fixed-rate mortgage was 6.03%, up from 6.01% last week but down from 6.36% a year ago.
In a separate statement, Samir Dedhia, CEO of One Real Mortgage, says although the recent increases in mortgage rates have been slight, “it adds to the growing sense that higher borrowing costs may be sticking around longer than many hoped.”
“The upward pressure on rates is being fueled by continued concerns about inflation and market reactions to proposed tariffs,” Dedhia says. “With uncertainty around how these policies will affect the broader economy, investors are pushing yields on Treasury bonds higher, and mortgage rates are following suit. Without a clear signal from the Fed or a shift in inflation data, rates could remain volatile in the weeks ahead.”
“For buyers and homeowners, this environment highlights the need to stay proactive,” he adds. “Even though rates are nearing 7 percent, there are still opportunities to lock in terms before further increases.”
Photo: Declan Sun