Mortgage rates tick up but remain at one-year lows
NAHB CEO Jim Tobin discusses changes in the real estate business as new rules are set to take place for realtors and the impact of markets on the industry.
Mortgage rates moved up a bit this week but are still at the lowest point they have been in more than a year.
Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage edged up to 6.49% this week from 6.47% last week. The average rate on a 30-year loan was 7.09% a year ago.
A sign is posted in front of a home for sale on August 7, 2024, in San Rafael, California. Mortgage rates edged up a bit this week. (Justin Sullivan/Getty Images / Getty Images)
«While rates increased slightly this week, they remain more than half a percent lower than the same time last year,» said Sam Khater, Freddie Mac’s chief economist. «In 2023, the 30-year fixed-rate mortgage nearly hit 8 percent, slamming the brakes on the housing market. Now, the 30-year fixed-rate hovers around 6.5 percent and will likely trend downward in the coming months as inflation continues to slow.
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The average rate on the 15-year fixed mortgage rose to 5.66% from 5.63% last week. One year ago, the rate on the 15-year fixed note averaged 6.46%.
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