Mortgage rates rise to highest level in over a month
Mortgage rates climbed this week, mortgage buyer Freddie Mac said Thursday.
Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage rose to 6.11% from last week's reading of 6%.
The average rate on a 30-year loan was 6.65% a year ago.
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"Despite the modest uptick, buyers are responding to rates in this range, with existing-home sales increasing 1.7% in February," said Sam Khater, Freddie Mac’s chief economist. "Purchase applications also increased this week, a welcome sign as buyers enter spring homebuying season with rates down more than half a percentage point compared to the same time last year."
The average rate on a 15-year fixed mortgage increased to 5.5% from last week's reading of 5.43%.
