Rates Rise For Second Week, But Not By Much
Mortgage rates increased slightly last week but remain in the mid-6s, encouraging some potential buyers to come off the sidelines.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.66%, up from the week prior’s 6.62%. A year ago at this time, the 30-year FRM averaged 6.33%.
This is the second consecutive week of increases, but just the second since October. Rates have fallen more than a full percentage point since then, giving homebuyers more breathing room as they struggle against record-high unaffordability.
The 15-year fixed rate bucked this trend and fell for a second week, from 5.89% to 5.87%. A year ago, it averaged 5.52%.
Freddie Mac Chief Economist Sam Khater noted that even as rates…