Freddie Mac reported Thursday that mortgage rates edged up slightly this week, with the average 30-year fixed-rate mortgage (FRM) rising to 6.75%, up from 6.72% the previous week. The 15-year FRM also saw a modest increase, averaging 5.92%, compared to 5.86% last week.
Despite the uptick, both rates remain below the 7% threshold and are slightly lower than rates from the same period last year, when the 30-year FRM averaged 6.77% and the 15-year stood at 6.05%.
“The 30-year fixed-rate mortgage inched up this week and continues to stay within a narrow range under 7%. While overall affordability headwinds persist, rate stability coupled with moderately rising inventory may sway prospective buyers to act,” said Sam Khater, Chief Economist at Freddie Mac.
The combination of stable mortgage rates and increasing housing inventory could provide an opening for more prospective homebuyers to re-enter the market, despite ongoing affordability concerns across many parts of the country.