The 30-year fixed-rate mortgage has increased to 6.73 percent according to the latest Primary Mortgage Market Survey® from Freddie Mac. The Federal Reserve's recent signaling of a more aggressive stance on monetary policy helped push mortgage rates up. Sam Khater, Freddie Mac’s Chief Economist said “Overall, consumers are spending in sectors that are not interest rate sensitive, such as travel and dining out. However, rate-sensitive sectors, such as housing, continue to be adversely affected. As a result, would-be homebuyers continue to face the compounding challenges of affordability and low inventory.
The 15-year fixed-rate mortgage also increased to 5.95 percent. The survey focuses on conventional, conforming, fully amortizing home purchase loans for borrowers with excellent credit who put 20 percent down. A year ago at this time, the 30-year FRM averaged 3.85 percent, and the 15-year FRM averaged 3.09 percent.
The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit.
Check with your mortgage lender for more information on daily interest rate movements. Or you can find information on online sites such as Mortgage News Daily.