Mortgage rates came closer to the 7% level in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.93% as of Jan. 9, up from last week when it averaged 6.91%. A year ago at this time, it averaged 6.66%.
The 15-year fixed-rate mortgage averaged 6.14%, up from last week when it averaged 6.13%. A year ago at this time, it averaged 5.87%.
“In the first full week of the new year, the 30-year fixed-rate mortgage remained elevated at just under 7%,” said Sam Khater, Freddie Mac’s chief economist. “The continued strength of the economy has put upward pressure on mortgage rates, and along with high home prices, continues to impact housing affordability. The lack of entry-level supply also remains an issue, especially for those looking to become first-time homeowners.”
