Mortgage rates inched up slightly for the second straight week, according to the Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.10% as of Jan. 29, up from last week when it averaged 6.09%. A year ago at this time, it averaged 6.95%.
The 15-year fixed-rate mortgage averaged 5.49%, up from last week when it averaged 5.44%. A year ago at this time, it averaged 6.12%.
“Mortgage rates remain near their lowest levels in three years, which is encouraging for potential homebuyers who have waited to enter the market for some time,” said Sam Khater, Freddie Mac’s chief economist. “Lower rates, combined with strong income growth, have led to a steady increase in purchase applications compared to last year. We’re also seeing more homeowners refinancing their mortgages to benefit from these lower rates, as shown by the rise in refinance applications over the past year.”
