Weekly Mortgage Rate Surge
Mortgage rates ticked higher to 6% this week, according to Freddie Mac's latest Primary Mortgage Market Survey released Thursday. The average rate on the benchmark 30-year fixed mortgage rose from last week's 5.98%. A year ago, the average stood at 6.63%.
In fact, rates are down nearly a full percentage point from this time in 2024, spurring activity from buyers, sellers, and owners.
As a result, refinance activity is up, and purchase applications are ahead of last year’s pace.
15-Year Fixed Mortgage Trends
The average rate on a 15-year fixed mortgage increased to 5.43% from last week's 4.44%.
Influencing Factors
Mortgage rates are affected by several factors, including the Federal Reserve and geopolitics. Though not directly tied to the Fed's interest rate decisions, they closely track the 10-year Treasury yield, which hovered around 4.02% as of Thursday afternoon.
