Mortgage Rates Hold Steady

The 30-year fixed-rate mortgage (FRM) averaged 6.64% last week, according to Freddie Mac.

“Mortgage rates remain stagnant, hovering in the mid-six percent range over the past several weeks,” Freddie Mac Chief Economist Sam Khater said. “The economy and labor market remain strong with wage growth outpacing inflation, which is keeping consumer spending robust. Meanwhile, affordability in the housing market is an ongoing issue due to continued high home prices, elevated mortgage rates and low supply of homes on the market, particularly for first-time and low-income homebuyers.”

A report by the National Association of Realtors (NAR) found that the national median single-family existing home price grew by 3.5% to $391,700 compared to one year ago. 

"At the beginning of the week, the 10-year treasury move higher, now at 4.1% providing conjecture that the 30-year mortgage interest rate would also increase," NAR Deputy Chief Economist Jessica Lautz said. "While the stability in the mortgage market is welcome news to homebuyers, affordability and limited inventory are concerns for the coming spring in some areas." 

This week the 15-year fixed rate mortgage averages 5.9%, down slightly from the previous week's average of 5.94%. This marks an increase from the same period last year, where the 15-year FRM averaged 5.25%.

The 30- year went from 6.63% to 6.64% this week, and is up from the 6.12% at this time last year.