Long-term mortgage rates have risen ahead of the spring home-buying season, but interested homebuyers are easing back into the market, according to the Freddie Mac Primary Mortgage Survey.
A 30-year fixed-rate mortgage averaged 6.12% for the week ending February 9, which is up from last week when it averaged 6.09% and 3.69% a year ago.
The 15-year fixed rate mortgage averaged 5.25%, up from 5.14% last week and 2.93% a year ago.
“Following an interest rate hike by the Federal Reserve and a surprisingly strong jobs report, mortgage rates rose slightly this week,” said Chief Economist Sam Khater.
“The 30-year fixed rate continues to hover near six percent, and interested home buyers are easing their way back into the market just in time for the spring home buying season,” Khater added.
Here is an overview of the survey results: