Mortgage rates have risen to their highest level in a year, according to Freddie Mac's latest Primary Mortgage Market Survey released on Thursday [1]. The average rate on the benchmark 30-year fixed mortgage increased to 6.66% this week, up from 6.58% the previous week. For comparison, the average rate on a 30-year loan was 6.72% a year ago [1]. The average rate on a 15-year fixed mortgage also saw an uptick, rising to 6.04% from last week's reading of 5.96% [1].
Sam Khater, Freddie Mac's chief economist, commented that the housing market is currently benefiting from increased inventory, which is providing prospective homebuyers with more options and supporting buyer activity despite fluctuations in mortgage rates [1].
No specific market reactions or analyst forecasts beyond the comments from Freddie Mac's chief economist were provided in the article [1].
CONCLUSION
Mortgage rates have reached their highest point in a year, with both 30-year and 15-year fixed rates rising over the past week. Increased housing inventory is helping to support buyer activity despite these higher rates, according to Freddie Mac.