Weekly Real Estate News
Mortgage rates ticked up in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.52% as of June 11, up from last week when it averaged 6.48%. A year ago at this time, it averaged 6.84%.
The 15-year fixed-rate mortgage averaged 5.84%, up from last week when it averaged 5.79%. A year ago at this time, it averaged 5.97%.
Sam Khater, Freddie Mac’s chief economist, did not dwell on the rate rise when he observed, “Stronger employment momentum has helped existing home sales reach a five-month high. Importantly, we’re seeing homebuyers look past the short-term rate fluctuations and actively enter the market, signaling renewed confidence in homeownership opportunities.”
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Normalized MTG rates should be around 7-7.5%.