‘The Big Money Show’ discusses mortgage rates, property taxes and the struggle home sellers are facing.
Mortgage rates climbed this week, mortgage buyer Freddie Mac said Thursday.
Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage rose to 6.11% from last week’s reading of 6%.
The average rate on a 30-year loan was 6.65% a year ago.
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The average rate on the 30-year fixed mortgage climbed slightly to 6% this week. (Paul Bersebach/MediaNews Group/Orange County Register via Getty Images)
“Despite the modest uptick, buyers are responding to rates in this range, with existing-home sales increasing 1.7% in February,” said Sam Khater, Freddie Mac’s chief economist. “Purchase applications also increased this week, a welcome sign as buyers enter spring homebuying season with rates down more than half a percentage point compared to the same time last year.”
The average rate on a 15-year fixed mortgage increased to 5.5% from last week’s reading of 5.43%.
