Mortgage rates were back on the rise, according to the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.77% as of Feb. 15, up from last week when it averaged 6.64%. A year ago at this time, it averaged 6.32%.
The 15-year fixed-rate mortgage averaged 6.12%, up from last week when it averaged 5.90%. A year ago at this time, it averaged 5.51%.
“On the heels of consumer prices rising more than expected, mortgage rates increased this week,” said Sam Khater, Freddie Mac’s chief economist. “The economy has been performing well so far this year and rates may stay higher for longer, potentially slowing the spring homebuying season. According to our data, mortgage applications to buy a home so far in 2024 are down in more than half of all states compared to a year earlier.”
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