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Mortgage rates rose this week to a five-month high, ending the year slightly higher than they started.
The latest Freddie Mac products Primary mortgage market survey, Released Thursday, it showed the average rate on the index 30-year fixed mortgage It jumped to 6.85%, up from last week’s reading of 6.72%. The average interest rate on a 30-year loan was 6.61% a year ago.
This week’s increase represents the highest level on the 30-year loan since mid-July, when the interest rate was 6.89%, according to Freddie Mac data. It was the lowest rate this year 6.08% at the end of September While the highest level – 7.22% – was reached at the beginning of May.
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“Mortgage rates rose for the second week in a row, rebounding after falling earlier this month,” said Sam Khater, chief economist at Freddie Mac. While there was a slight improvement in… New and existing home sales It is encouraging that the market is still suffering from a massive shortage of homes. A strong economy can help build momentum heading into the new year and potentially boost buying activity.”
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The average interest rate on a 15-year fixed mortgage rose to 5.92% from 5.84% last week. One year ago, the average interest rate on 15-year fixed bonds was 5.95%.
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