The 30-year fixed-rate mortgage increased for the seventh straight week – but it was a tiny one this week, according to Freddie Mac’s weekly Primary Mortgage Market Survey released Thursday.
The survey found:
- The 30-year fixed-rate mortgage averaged 3.18 percent with an average 0.7 point, up from last week’s 3.17 percent and down from last year’s 3.33 percent at this time.
- The 15-year fixed-rate mortgage averaged 2.45 percent with an average 0.6 point, unchanged from last week and down from last year’s 2.82 percent.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.84 percent with an average 0.3 point, unchanged from last week and below last year’s 3.40 percent.
“Although mortgage rates remain low, we are beginning to see a pullback by those looking to enter the housing market,” said Sam Khater, Freddie Mac’s Chief Economist. “In fact, homebuyer demand has gone from 25 percent above pre-COVID levels at the start of the year, when mortgage rates hit record lows, to 8 percent above pre-COVID levels today.”