Weekly Real Estate News
Mortgage rates are back on the upswing, according to the new Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.71% as of June 29, up from last week when it averaged 6.67%. One year ago at this time, it averaged 5.70%.
The 15-year fixed-rate mortgage averaged 6.06%, up from last week when it averaged 6.03%. One year ago at this time, it averaged 4.83%.
“Mortgage rates have hovered in the 6-7% range for over six months and, despite affordability headwinds, homebuyers have adjusted and driven new home sales to its highest level in more than a year,” said Sam Khater, Freddie Mac’s chief economist. “New home sales have rebounded more robustly than the resale market due to a marginally greater supply of new construction. The improved demand has led to a firming of prices, which have now increased for several months in a row.”
