Mortgage rates edged up for a second week, as the average rate for a 30-year fixed-rate mortgage reached 6.86%, up from 6.81% 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 6.94%.
“Mortgage rates inched up this week but continue to remain lower than one year ago,” says Sam Khater, chief economist for Freddie Mac, in a statement. “With more inventory for buyers to choose from than the last few years, purchase application activity continues to hold up.”
The average rate for a 15-year fixed-rate mortgage was 6.01%, up from 5.92% last week but down from 6.24% a year ago.
Photo: Bikram Sharma