Mortgage Rates Remain Stagnant

The 30-year fixed-rate mortgage averaged 6.64% as of Feb. 8, recording a scant uptick from last week when it averaged 6.63%, according to the Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC). A year ago at this time, it averaged 6.12%.

The 15-year fixed-rate mortgage averaged 5.90%, down from last week when it averaged 5.94%. A year ago at this time, it averaged 5.25%.

“Mortgage rates remain stagnant, hovering in the mid-six percent range over the past several weeks,” said Sam Khater, Freddie Mac’s chief economist. “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.”