Mortgage Rates Hover Around Mid-Six Percent Range

(RTTNews) - Mortgage rates, or interest rates on home loans, continues to hover in the mid-six digit range, according to mortgage provider Freddie Mac (FMCC.OB).

The 30-year FRM averaged 6.64 percent as of February 8, 2024, up from last week when it averaged 6.63 percent. A year ago at this time, the 30-year FRM averaged 6.12 percent.

The 15-year FRM averaged 5.90 percent, down from last week when it averaged 5.94 percent. A year ago at this time, the 15-year FRM averaged 5.25 percent.

"Mortgage rates remain stagnant, hovering in the mid-six percent range over the past several weeks," said Sam Khater, Freddie Mac's Chief Economist. "The economy and labor market remain strong with wage growth outpacing inflation, which is keeping consumer spending robust. Meanwhile, affordability in the housing market is an ongoing issue due to continued high home prices, elevated mortgage rates and low supply of homes on the market, particularly for first-time and low-income homebuyers."