Mortgage rates continued to rise for the fourth straight week, according to the Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.38% as of March 26, up from last week when it averaged 6.22%. A year ago at this time, it averaged 6.65%. Four weeks ago, it fell below the 6% mark for the first time since 2022.
The 15-year fixed-rate mortgage averaged 5.75%, up from last week when it averaged 5.54%. A year ago at this time, it averaged 5.89%.
Sam Khater, Freddie Mac’s chief economist, ignored the continued upward trajectory of mortgage rates when he declared, “The housing market continues to show gradual improvements compared to a year ago amid recent rate volatility. Purchase and refinance applications are up year-over-year, and rates remain lower than last year when they averaged 6.65%.”
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