The average 30-year fixed-rate mortgage (FRM) rose slightly to 6.11% for the week ending February 5, according to Freddie Mac. This rate represents a significant drop from the 6.89% average recorded during the same period one year ago.
The 15-year fixed-rate mortgage also saw a minimal weekly increase, averaging 5.50% compared to 5.49% the previous week. One year ago, the average rate for a 15-year loan was 6.05%. The stability in rates at relatively low levels is seen as a positive factor for housing market activity heading into the spring season.
