Mortgage Rates at 30-Year High: 6.83%
- WASHINGTON (AP) — The average interest rate on a 30-year fixed-rate mortgage in the United States has risen to 6.83% this week, according to Freddie Mac, a government-backed...
- The rate marks a notable increase from the previous week's average of 6.62%.
- The 15-year fixed-rate mortgage also saw an increase, averaging 6.03% this week, up from 5.82% the week prior.
US 30-Year Mortgage Rates Climb to 6.83%,Freddie mac Reports
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WASHINGTON (AP) — The average interest rate on a 30-year fixed-rate mortgage in the United States has risen to 6.83% this week, according to Freddie Mac, a government-backed private corporation focused on mortgage loans and their securitization.
The rate marks a notable increase from the previous week’s average of 6.62%. At this time last year, the 30-year fixed rate averaged 7.1%.
The 15-year fixed-rate mortgage also saw an increase, averaging 6.03% this week, up from 5.82% the week prior. A year ago, the 15-year fixed rate averaged 6.39%.
Sam Khater, chief economist at Freddie Mac, noted that while the 30-year fixed rate has increased, it has remained below 7% for the thirteenth consecutive week.
“The thirty-year fixed rate has increased, but it remains below the 7% threshold for the thirteenth consecutive week,” Khater said. “last year, in this period, rates reached 7.1%, while the purchase demand was 13% lower than today, a clear signal that the spring season of the purchases of houses this year has started wiht a rise.”
US mortgage Rate Update: What You Need to know
What’s the latest on 30-year fixed-rate mortgages?
The average interest rate on a 30-year fixed-rate mortgage in the United States has increased to 6.83% this week, according to Freddie Mac.
How does this compare to last week and last year?
This Week: 6.83%
Last Week: 6.62%
One Year Ago: 7.1%
What about 15-year fixed-rate mortgages?
The 15-year fixed-rate mortgage also saw an increase.
This Week: 6.03%
Last Week: 5.82%
One Year Ago: 6.39%
Who is Freddie Mac, and why do thay matter?
Freddie Mac is a government-backed private corporation. They are focused on mortgage loans and their securitization. Their reports are a reliable source for information on mortgage rates.
Is the 30-year rate above 7%?
No, the 30-year fixed rate has remained below the 7% threshold for the thirteenth consecutive week.
What is Sam Khater’s outlook on mortgage rates?
Sam Khater, chief economist at Freddie Mac, noted that despite the increase, the rate remains below 7%. He also emphasized that the increase in purchase demand this spring may be a sign of positive trends in the housing market.
Key Mortgage rate Comparison
Here’s a quick comparison of the rates:
| Mortgage Type | This Week | last Week | One Year Ago |
|---|---|---|---|
| 30-Year Fixed | 6.83% | 6.62% | 7.1% |
| 15-Year Fixed | 6.03% | 5.82% | 6.39% |