The average rate for a 30-year fixed-rate mortgage in the US increased slightly to 6.22% this week but remains well below the year-to-date average of 6.62%, according to Freddie Mac's Primary Mortgage Market Survey. The rate is up from 6.19% last week but down from 6.60% at the same time last year, positioning it near annual lows.
The average rate for a 15-year fixed mortgage also rose, reaching 5.54% compared to 5.44% last week and 5.84% a year ago. The sustained lower rate environment continues to offer a measure of balance to the housing market, as stated by Freddie Mac's Chief Economist Sam Khater.
