Mortgage Rates Inch Up

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Mortgage rates were on the rise in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage averaged 6.81% as of May 15, up from last week when it averaged 6.76%. A year ago at this time, it averaged 7.02%.

The 15-year fixed-rate mortgage averaged 5.92%, up from last week when it averaged 5.89%. A year ago at this time, it averaged 6.28%.

Sam Khater, Freddie Mac’s chief economist, sought to emphasize the positive by observing, “The 30-year fixed-rate mortgage remained below the 7% threshold for the 17th consecutive week. Stable mortgage rates coupled with moderately rising inventory are attracting homebuyers into the market, with purchase application activity up 18% from last year.”