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Investing.com -- Freddie Mac (OTCQB:OTC:FMCC) reported Thursday that the 30-year fixed-rate mortgage (FRM) averaged 6.75%, a slight increase from last week’s average of 6.72%.
The 15-year fixed-rate mortgage also rose, averaging 5.92% compared to 5.86% last week, according to the company’s Primary Mortgage Market Survey.
Despite the small uptick, mortgage rates remain below 7% and are slightly lower than the 6.77% average recorded for the 30-year FRM during the same period last year. The current 15-year FRM rate is also lower than the 6.05% average from a year ago.
"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, Freddie Mac’s Chief Economist.
The relatively stable mortgage rates, combined with increasing housing inventory, could potentially encourage more homebuyers to enter the market despite ongoing affordability challenges.
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