Fixed Mortgage Rates Climb Higher for Second Consecutive Week

Freddie Mac has released its Primary Mortgage Market Survey® for the week ending February 16th. The 30-year fixed-rate mortgage averaged 6.32%, up from last week when it averaged 6.12%. A year ago at this time, the 30-year rate averaged 3.92%.

The 15-year fixed-rate mortgage averaged 5.51%, up from last week when it averaged 5.25%. A year ago at this time, the 15-year rate averaged 3.15%.

Adding additional background and his analysis to this week’s report, Sam Khater, Freddie Mac’s Chief Economist, said:

“Mortgage rates moved up for the second consecutive week. The economy is showing signs of resilience, mainly due to consumer spending, and rates are increasing. Overall housing costs are also increasing and therefore impacting inflation, which continues to persist.”

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