Mortgage Rates Surge

(RTTNews) - Mortgage rates, or interest rates on home loans, surged to highest-level since December, according to mortgage provider Freddie Mac (FMCC.OB).

The 30-year FRM averaged 6.77 percent as of February 15, 2024, up from last week when it averaged 6.64 percent. A year ago at this time, the 30-year FRM averaged 6.32 percent.

The 15-year FRM averaged 6.12 percent, up from last week when it averaged 5.90 percent. A year ago at this time, the 15-year FRM averaged 5.51 percent.

"On the heels of consumer prices rising more than expected, mortgage rates increased this week," said Sam Khater, Freddie Mac's Chief Economist. "The economy has been performing well so far this year and rates may stay higher for longer, potentially slowing the spring homebuying season. According to our data, mortgage applications to buy a home so far in 2024 are down in more than half of all states compared to a year earlier."