Mortgage rates shot up again in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.72% as of Dec. 19, up from last week when it averaged 6.60%. A year ago at this time, it averaged 6.67%.
The 15-year fixed-rate mortgage averaged 5.92%, up from last week when it averaged 5.84%. A year ago at this time, it averaged 5.95%.
“This week, mortgage rates crept up to a similar average as this time in 2023,” said Sam Khater, Freddie Mac’s chief economist. “For the most part, mortgage rates have moved between 6% and 7% over the last 12 months. Homebuyers are slowly digesting these higher rates and are gradually willing to move forward with buying a home, resulting in additional purchase activity.”
