Mortgage rates rise to 6.69%: Freddie Mac
Fox Business • • business
Key Points:
- Mortgage rates increased this week, with the average rate on the 30-year fixed mortgage rising to 6.69% from 6.66% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.
- The average 30-year mortgage rate remains higher than last year's 6.63%, while the 15-year fixed mortgage rate slightly decreased to 6.01% from 6.04%.
- Freddie Mac's chief economist Sam Khater noted the housing market is adjusting, with listing prices slightly below last year's levels and improved inventory compared to recent years.
- Mortgage rates are influenced by factors such as the Federal Reserve, geopolitics, and the 10-year Treasury yield, which hovered around 4.67% amid fluctuating bond market conditions and ongoing U.S.-Iran Strait of Hormuz negotiations.
- Realtor.com's chief economist Danielle Hale highlighted the current volatility in mortgage rates, making it challenging for homebuyers, especially as rates remain near the upper range seen over the past year.
