Mortgage Rates Rise for Fifth Straight Week

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Mortgage rates for the fifth straight week, according to the Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage averaged 6.46% as of April 2, up from last week when it averaged 6.38%. A year ago at this time, it averaged 6.64%.

The 15-year fixed-rate mortgage averaged 5.77%, up from last week when it averaged 5.75%. A year ago at this time, it averaged 5.82%.

Sam Khater, Freddie Mac’s chief economist, acknowledged the rising rates by stating, “With spring homebuying season in full swing, aspiring buyers should remember to shop around for the best mortgage rate, as they can potentially save thousands of dollars by getting multiple quotes.”