Freddie Mac reports 30-year mortgage rate rises to 6.72%
Freddie Mac (OTCQB:OTC:FMCC) reported Thursday that the 30-year fixed-rate mortgage (FRM) averaged 6.72%, up from 6.67% last week, News.az reports citing Investing.
The increase follows five consecutive weeks of declines and came after a stronger than expected jobs report, according to Sam Khater, Freddie Mac’s Chief Economist.
"Despite ongoing affordability challenges in the housing market, we are seeing home purchase and refinance applications respond to the downward trajectory in rates, increasing by 25% and 56%, respectively, compared to the same time last year," Khater said.
The 15-year FRM also increased, averaging 5.86% this week, up from 5.80% last week. Both rates remain lower than they were a year ago, when the 30-year FRM averaged 6.89% and the 15-year FRM averaged 6.17%.
The data comes from Freddie Mac’s Primary Mortgage Market Survey, which tracks mortgage rate trends in the U.S. housing market.
Similar news
