US Mortgage Rates Edge Higher in the Week Ending January 29
Mortgage Rates Remain Lower and Steady
On Thursday, Freddie Mac released its Primary Mortgage Market Survey for the week ending Thursday, January 29.
The 30-year fixed-rate mortgage averaged 6.10%, up from 6.09% the previous week. A year ago at this time, the 30-year rate averaged 6.95%.
The 15-year fixed-rate mortgage averaged 5.49%, up from 5.44% last week. A year ago at this time, the 15-year rate averaged 6.12%.
Commenting on this week’s survey, Freddie Mac Chief Economist Sam Khater said:
“Mortgage rates remain near their lowest levels in three years, which is encouraging for potential homebuyers who have waited to enter the market for some time. Lower rates, combined with strong income growth, have led to a steady increase in purchase applications compared to last year. We’re also seeing more homeowners refinancing their mortgages to benefit from these lower rates, as shown by the rise in refinance applications over the past year.”
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