Mortgage Rates Stay Just Under 7%

Mortgage rates remained elevated in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage averaged 6.95% as of Jan. 30, down slightly from last week when it averaged 6.96%. A year ago at this time, it averaged 6.63%.

The 15-year fixed-rate mortgage averaged 6.12%, down from last week when it averaged 6.16%. A year ago at this time, it averaged 5.94%.

“The 30-year fixed-rate has hovered between 6% and 7% for most of the last two and a half years. That trend continued this week, with the average rate remaining essentially flat at 6.95%,” said Sam Khater, Freddie Mac’s chief economist. “Driven by these higher rates and a persistent supply shortage, affordability hurdles still exist for many homebuyers and a significant number of them remain on the sidelines.”