Fixed Mortgage Rates Climb Higher for the Third Consecutive Week

Freddie Mac has released its Primary Mortgage Market Survey® for the week ending February 23rd. The 30-year fixed-rate mortgage averaged 6.50%, up from last week when it averaged 6.32%. A year ago at this time, the 30-year rate averaged 3.89%.

The 15-year fixed-rate mortgage averaged 5.76%, up from last week when it averaged 5.51%. A year ago at this time, the 15-year rate averaged 3.14%.

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

“The economy continues to show strength, and interest rates are repricing to account for the stronger than expected growth, tight labor market, and the threat of sticky inflation. Our research shows that rate dispersion increases as mortgage rates trend up. This means homebuyers can potentially save $600 to $1,200 annually by taking the time to shop among lenders to find a better rate.”