30-Year Fixed-Rate Mortgages Inch Higher in the Week Ending February 8th
Mortgage Rates Show Little Movement
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending February 8th.
The 30-year fixed-rate mortgage averaged 6.64%, up from last week when it averaged 6.63%. A year ago at this time, the 30-year rate averaged 6.12%.
The 15-year fixed-rate mortgage averaged 5.90%, down from last week when it averaged 5.94%. A year ago at this time, the 15-year rate averaged 5.25%.
Commenting on the results of the week’s survey, Freddie Mac Chief Economist Sam Khater said:
“Mortgage rates remain stagnant, hovering in the mid-6% range over the past several weeks. The economy and labor market remain strong with wage growth outpacing inflation, which is keeping consumer spending robust. Meanwhile, affordability in the housing market is an ongoing issue due to continued high home prices, elevated mortgage rates, and low supply of homes on the market, particularly for first-time and low-income homebuyers.”
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