Mortgage rates tick up but remain at one-year lows

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.

“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.

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%.