Mortgage rates increased for the second consecutive week, according to the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.34% as of Oct. 2, up from last week when it averaged 6.30%. A year ago at this time, it averaged 6.12%.
The 15-year fixed-rate mortgage averaged 5.55%, up from last week when it averaged 5.49%. A year ago at this time, it averaged 5.25%.
“The 30-year fixed-rate mortgage increased again this week but remains below its 52-week average of 6.71%,” said Sam Khater, Freddie Mac’s chief economist. “The last few months have brought lower rates and as indicated by the recently reported increase in pending home sales, homebuyers are feeling more confident to get into the market.”
Not feeling the confidence within the southeast Virginia market!