Current Mortgage Rates#
Freddie Mac has reported that the average rate for a 30-year fixed-rate mortgage is now 6.30%, up from 6.23% the previous week. This rate is lower than the 6.76% average from a year ago, indicating some fluctuation in the market.
15-Year Fixed-Rate Mortgage#
In addition, the 15-year fixed-rate mortgage has also seen a slight increase, averaging 5.64%, compared to 5.58% the week before. A year ago, this rate was at 5.92%, showing a similar trend of lower rates compared to last year.
Market Response#
Sam Khater, Chief Economist at Freddie Mac, noted that mortgage applications for home purchases have surged, now over 20% higher than this time last year. This increase is attributed to a modest decline in rates recently, along with a greater availability of homes for sale compared to previous years.
Overall, while mortgage rates have edged up slightly this week, they remain lower than last year, and the market is responding positively with increased buyer activity.