MCLEAN, Va.—The average rate on a 30-year fixed mortgage edged higher this week to 6.55%, up from 6.49% a week earlier, while remaining below the 6.75% level recorded a year ago, Freddie Mac reported Thursday.
"The 30-year fixed-rate mortgage averaged 6.55% this week," Freddie Mac Chief Economist Sam Khater said in the company's weekly Primary Mortgage Market Survey. "Purchase application demand has weakened recently, but housing affordability is more favorable and housing inventory continues to rise, thus the backdrop for prospective homebuyers is modestly improving."
Freddie Mac said the average rate on a 15-year fixed-rate mortgage increased to 5.93% from 5.82% last week. The rate was 5.92% during the same week last year.
The weekly survey continues to show mortgage rates hovering in the mid-6% range, with improving affordability and rising housing inventory helping offset softer home purchase demand, according to Freddie Mac.