Mortgage rates barely inched up in this week’s Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.65% as of March 13, up slightly from last week when it averaged 6.63%. A year ago at this time, it averaged 6.74%.
The 15-year fixed-rate mortgage averaged 5.80%, up slightly from last week when it averaged 5.79%. A year ago at this time, it averaged 6.16%.
“Despite volatility in the markets, the 30-year fixed-rate mortgage remained essentially flat from last week,” said Sam Khater, Freddie Mac’s chief economist. “Mortgage rates continue to be relatively low versus the last few months, and homebuyers have responded. Purchase applications are up 5% as compared to a year ago. The combination of modestly lower mortgage rates and improving inventory is a positive sign for homebuyers in this critical spring homebuying season.”
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