Mortgage rates increase slightly

Mortgage rates remained relatively unchanged from last week, with a slight movement higher. 

Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage increased to 6.78% this week from 6.77% last week. The average rate on a 30-year loan was 6.81% a year ago.

“Mortgage rates essentially remained flat from last week but have decreased nearly half a percent from their peak earlier this year,” said Sam Khater, Freddie Mac’s chief economist. “Despite these lower rates, buyers continue to pause, as reflected in tumbling new and existing home sales data.”

The average rate on the 15-year fixed mortgage increased to 6.07% from 6.05% last week. One year ago, the rate on the 15-year fixed note averaged 6.11%.