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Mortgage rates have continued to rise this week, fueling demand in the housing market amid higher rates and higher home prices.
Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed that the average rate is on the benchmark. 30 year fixed mortgage changed to -6.44% compared to the reading day. The average rate for a 30-year mortgage was 7.63% last year.
Patchogue, NY: A For Sale sign hangs in front of a house in Patchogue, New York, on June 1, 2024. (Steve Pfost/Newsday RM via Getty Images/Getty Images)
“The 30-year mortgage yield increased for the third week in a row, nearing 6.5%,” said Sam Khater, Freddie Mac’s chief economist.
“Typically, higher rates indicate strength in the economy that supports the housing market,” Khater said. “But significantly, compared to last year, rates are one per cent lower and potential home buyers can benefit, especially by shopping around for the best rate as rates can vary widely between mortgage lenders.”
Many buyers and sellers are waiting to see if prices drop further. Currently, nearly 80% of homeowners have less than 5% equity, according to Zillow research.
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The average 15-year mortgage rate rose to 5.63% from 5.41% last week. Over the past one year, the 15-year fixed rate has averaged 6.92%.
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