Mortgage rates surged in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.22% as of March 19, up from last week when it averaged 6.11%. A year ago at this time, it averaged 6.67%.
The 15-year fixed-rate mortgage averaged 5.54%, up from last week when it averaged 5.50%. A year ago at this time, it averaged 5.83%.
“The 30-year fixed-rate mortgage edged up this week to 6.22% but remains nearly half a percentage point lower than the same time last year,” said Sam Khater, Freddie Mac’s chief economist. “Potential homebuyers are poised for a more affordable spring homebuying season than last with the market experiencing improvements in purchase applications and pending home sales.”
