Mortgage Rates Continue To Rise

Mortgage rates continued to soar deeper into the 7% range in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage averaged 7.17% as of April 25, up from last week when it averaged 7.10%. A year ago at this time, it averaged 6.43%.

The 15-year fixed rate mortgage averaged 6.44%, up from last week when it averaged 6.39%. A year ago at this time, it averaged 5.71%.

“Mortgage rates continued rising this week,” said Sam Khater, Freddie Mac’s chief economist. “Despite rates increasing more than half a percent since the first week of the year, purchase demand remains steady. With rates staying higher for longer, many homebuyers are adjusting, as evidenced by this week’s report that sales of newly built homes saw the biggest increase since December 2022.”