Mortgage rates have reversed their two-week slide to jump back up to 3%, according to the latest data from Freddie Mac (FM)
- 30-YR FIXED: Averaged 3.0% with an average 0.6 points. This was up from last week when it averaged 2.94%, but is down from a year ago when it averaged 3.24%.
- 15-YR FIXED: Averaged 2.29% with an average 0.7 points. This is up from last week when it averaged 2.26%, but is down from a year ago when it averaged 2.70 percent.
Sam Khater, Freddie Mac’s Chief Economist, said in a statement that while this is a favorable rate environment, lack of housing remains a big issue. “The lack of housing supply has been compounded by labor disruptions and expensive building materials that are driving up the cost of new housing, making it difficult for homebuyers to find homes to purchase.”