Mortgage rates have moved up for the 7th week in a row according to the Freddie Mac Primary Mortgage Market Survey (FM)
- 30-YR FIXED: Averaged 3.18% with an average 0.7 point which is up 1 basis point from last week and is still below the 3.33% we saw at the same time last year
- 15-YR FIXED: Average 2.45% with an average 0.6 point which is unchanged from last week and is still below the 2.82% we saw at the same time last year
ANALYSIS: Sam Khater, Freddie Mac’s Chief Economist, said in a statement, “Although mortgage rates remain low, we are beginning to see a pullback by those looking to enter the housing market,”
This is similar to what saw yesterday from The Mortgage Bankers Association which reported that the average 30-year fixed-rate mortgage rate was 3.33% a decline from the prior week.