Average Mortgage Rates Tick Up
The average rate on a 30-year mortgage rose to 6.49% from 6.47% last week. Costs on 15-year fixed-rate mortgages are up to 5.66% from 5.63%.
LOS ANGELES – The average rate on a 30-year mortgage edged higher this week, holding close to its lowest level in more than a year.
The rate rose to 6.49% from 6.47% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 7.09%.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also rose this week, pushing the average rate up to 5.66% from 5.63% last week. A year ago, it averaged 6.46%, Freddie Mac said.
Despite the modest uptick, mortgage rates are expected to keep trending lower overall this year, as signs of waning inflation and a cooling job market have raised expectations that the Federal Reserve will cut its benchmark interest rate next month for the first time in four years.
Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.