Fixed-Rate Mortgages Move Higher in the Week Ending February 15th
Mortgage Rates Rise
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending February 15th.
The 30-year fixed-rate mortgage averaged 6.77%, up from last week when it averaged 6.64%. A year ago at this time, the 30-year rate averaged 6.32%.
The 15-year fixed-rate mortgage averaged 6.12%, up from last week when it averaged 5.90%. A year ago at this time, the 15-year rate averaged 5.51%.
Commenting on the results of this week’s survey, Freddie Mac Chief Economist Sam Khater:
“On the heels of consumer prices rising more than expected, mortgage rates increased this week. The economy has been performing well so far this year and rates may stay higher for longer, potentially slowing the spring homebuying season. According to our data, mortgage applications to buy a home so far in 2024 are down in more than half of all states compared to a year earlier.”
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