Mortgage rates blew past the dreaded 7% level for the first time this year, according to the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 7.10% as of April 18, up from last week when it averaged 6.88%. A year ago at this time, it averaged 6.39%.
The 15-year fixed-rate mortgage averaged 6.39%, up from last week when it averaged 6.16%. A year ago at this time, it averaged 5.76%.
Sam Khater, Freddie Mac’s chief economist, observed, “As rates trend higher, potential homebuyers are deciding whether to buy before rates rise even more or hold off in hopes of decreases later in the year. Last week, purchase applications rose modestly, but it remains unclear how many homebuyers can withstand increasing rates in the future.”
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