Mortgage Rates Increase For 6th Straight Week

Mortgage rates continued their steady climb north of 3 percent this week, with the 30-year fixed-rate mortgage reaching its highest level since last June, according to Freddie Mac’s weekly Primary Mortgage Market Survey released Thursday.

The survey found:

  • The 30-year fixed-rate mortgage averaged 3.17 percent with an average 0.7 point, up from last week’s 3.09 percent and down from the 3.50 percent last year at this time.
  • The 15-year fixed-rate mortgage averaged 2.45 percent with an average 0.6 point, up from last week’s 2.40 percent and down from last year’s 2.92 percent.
  • The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.84 percent with an average 0.2 point, up from last week’s 2.79 percent and last year’s 3.34 percent.

“During the course of the pandemic, ‘home’ has become more important than ever. As a result, strong purchase demand continues—but buyers also outnumber the sellers,” said Sam Khater, Freddie Mac’s Chief Economist. “Since January, mortgage rates have increased half a percentage point from historic lows and home prices have risen, leaving potential homebuyers with less purchasing power. Unfortunately, this has disproportionately affected the low end of the market, where supply is the slimmest.”