Mortgage Rates Remain In The Mid-6% Range

Freddie Mac, which operates in the US secondary mortgage market buying loans from approved lenders, reported today that mortgage rates have remained in the mid-six percent range for the past three weeks.  This has “marginally increased” home buyer demand, it said. This week it reported the average 30-year fixed rate mortgage was 6.66 percent, up 0.33 percent from a year ago.

However, the report goes on to say: “Even this slight uptick in demand, combined with inventory that remains tight, continues to cause prices to rise faster than incomes, meaning affordability remains a major headwind for buyers.”  Potential home buyers should look closely at existing state and local resources, such as down payment assistance programs, which can help defray closing costs, according to Freddie Mac.