Mortgage rates jumped this week, with the average rate for a 30-year, fixed-rate mortgage rising to 6.39%, up from 6.27% last week, according to Freddie Mac’s Primary Mortgage Market Survey.
“For the first time in over a month, mortgage rates moved up due to shifting market expectations,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Home prices have stabilized somewhat, but with supply tight and rates stuck above six percent, affordable housing continues to be a serious issue for many potential homebuyers. Unless rates drop into the mid five percent range, demand will only modestly recover.”
A year ago at this time, the average rate for a 30-year was 5.11%.
For the week ended April 20, the average rate for a 15-year fixed-rate mortgage was 5.76%, up from 5.54%.
A year ago at this time, the average rate for a 15-year was 4.38%.
Photo: David Kristianto