Freddie Mac recently released the results of its Primary Mortgage Market Survey (PMMS). It showed the 30-year fixed-rate mortgage (FRM) averaged 6.66 percent.
“Mortgage rates have not moved materially over the last three weeks and remain in the mid-6 percent range, which has marginally increased homebuyer demand,” Freddie Mac Chief Economist Sam Khater said in a Freddie Mac release. “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.
The 30-year FRM averaging 6.66 percent as of Jan. 11 was up from the week of Jan. 1-5 when it averaged 6.62 percent. A year ago, at this time, the 30-year FRM averaged 6.33 percent.
The 15-year FRM averaging 5.87 percent, down from Jan. 1-5 when it averaged 5.89 percent. A year ago, at this time, the 15-year FRM averaged 5.52 percent.
“Potential homebuyers should look closely at existing state and local resources, such as down payment assistance programs, which can considerably help defray closing costs,” Khater added