Weekly Real Estate News
The latest Primary Mortgage Market Survey from Freddie Mac (OTCQB: FMCC) showed the 30-year fixed-rate mortgage rising for the first time in 13 weeks, although the government-sponsored enterprise insisted on emphasizing the positive aspects of this development.
The 30-year fixed-rate mortgage averaged 6.83% as of April 17, up from last week when it averaged 6.62%. A year ago at this time, it averaged 7.1%.
“The 30-year fixed-rate mortgage ticked up but remains below the 7% threshold for the thirteenth consecutive week,” said Sam Khater, Freddie Mac’s chief economist. “At this time last year, rates reached 7.1% while purchase application demand was 13% lower than it is today, a clear sign that this year’s spring homebuying season is off to a stronger start.”
The 15-year fixed-rate mortgage averaged 6.03%, up from last week when it averaged 5.82%. A year ago at this time, it averaged 6.39%.
