The 30-year fixed-rate mortgage averaged 6.66% with an average 0.8 point as of Thursday, down from last week when it averaged 6.70%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 2.99%.
“Mortgage rates decreased slightly this week due to ongoing economic uncertainty,” said Sam Khater, Freddie Mac’s Chief Economist. “However, rates remain quite high compared to just one year ago, meaning housing continues to be more expensive for potential homebuyers.”
Rapidly rising mortgage rates have more than doubled this year, pushing many prospective homebuyers out of the market. Freddie Mac says that for a typical mortgage, borrowers who locked in at the higher end of the rate range during the past year would pay several hundred dollars more than borrowers who signed contracts at the lower end of the range.