Mortgage rates have moved up for the 5th week in a row according to the Freddie Mac Primary Mortgage Market Survey (FM)
- 30-YR FIXED: Averaged 3.09% with an average 0.7 point for the week, up from last week when it averaged 3.05 percent. This is still down from a year ago when it averaged 3.65%
- 15-YR FIXED: Averaged 2.40% with an average 0.7 point, up from last week when it averaged 2.38%. This is still down from a year ago when it averaged 3.06%
Sam Khater, Freddie Mac’s Chief Economist, said in a statement “As expected, mortgage rates continued to inch up but are still hovering around three percent, keeping interested buyers in the market,”
Historically speaking, 3.09% is an incredibly low rate. However, for 6 months Americans have been seeing rates with 2 in the front. For many, anything starting with a 3 is going to be met with some sticker shock. While it is true that would be homebuyers are getting priced out of the market. That has more to do with rising home prices than rising rates.