30-Year Fixed-Rate Mortgages Surpass 7%
Mortgage Rates Exceed 7 Percent for the First Time this Year
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending April 18th.
The 30-year fixed-rate mortgage averaged 7.10%, up from last week when it averaged 6.88%. A year ago at this time, the 30-year rate 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, the 15-year rate averaged 5.76%.
Commenting on the results of this week’s survey, Freddie Mac Chief Economist Sam Khater said:
“The 30-year fixed-rate mortgage surpassed 7% for the first time this year, jumping from 6.88% to 7.10% this week. 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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