Mortgage rates inched back up this week, as the average rate for a 30-year fixed-rate mortgage increased to 7.18%, up from 7.12% 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 6.02%.
“Mortgage rates inched back up this week and remain anchored north of seven percent,” says Sam Khater, chief economist for Freddie Mac, in a statement. “The reacceleration of inflation and strength in the economy is keeping mortgage rates elevated. However, potential homebuyers can still benefit during these times of high mortgage rates by shopping around for the best rate quote. Freddie Mac research suggests homebuyers can potentially save $600-$1,200 annually by applying for mortgages from multiple lenders.
The average rate for a 15-year fixed-rate mortgage was 6.51%, down from 6.52% last week.
A year ago at this time, the average rate for a 15-year was 5.21%.
Yesterday, the Mortgage Bankers Association reported that mortgage application volume had decreased 0.8% during the week ended September 8 – which means little since overall volume is only a fraction of what it was three years ago.
Photo: David Kristianto