Mortgage Rates Hold Steady In The MID-6% Range

Mortgage rates remained at the mid-6% mark in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage averaged 6.66% as of Jan. 11, slightly up from last week when it averaged 6.62%. A year ago at this time, it averaged 6.33%.

The 15-year fixed-rate mortgage averaged 5.87%, down from last week when it averaged 5.89%. A year ago at this time, it averaged 5.52%.

“Mortgage rates have not moved materially over the last three weeks and remain in the mid-6% range, which has marginally increased homebuyer demand,” said Sam Khater, Freddie Mac’s chief economist. “Even this slight uptick in demand, combined with inventory that remains tight, continues to cause prices to rise faster than incomes, meaning affordability remains a major headwind for buyers. Potential homebuyers should look closely at existing state and local resources, such as down payment assistance programs, which can considerably help defray closing costs.”