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The average rate on the 30-year fixed mortgage climbed to 6.38 percent, according to a survey by Freddie Mac published on March 26.
The rate jumped from 6.22 percent the previous week and now stands at its highest level in more than six months. The 15-year fixed-rate mortgage rose to 5.75 percent from 5.54 percent.
Freddie Mac chief economist Sam Khater said: “The housing market continues to show gradual improvements compared to a year ago amid recent rate volatility. Purchase and refinance applications are up year-over-year, and rates remain lower than last year when they averaged 6.65 percent.”
The survey covers conventional, conforming loans with 20 percent down and excellent credit. Freddie Mac did not cite specific reasons for the increase….
The rate jumped from 6.22 percent the previous week and now stands at its highest level in more than six months. The 15-year fixed-rate mortgage rose to 5.75 percent from 5.54 percent.
Freddie Mac chief economist Sam Khater said: “The housing market continues to show gradual improvements compared to a year ago amid recent rate volatility. Purchase and refinance applications are up year-over-year, and rates remain lower than last year when they averaged 6.65 percent.”
The survey covers conventional, conforming loans with 20 percent down and excellent credit. Freddie Mac did not cite specific reasons for the increase….
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