The average rate for a 30-year fixed mortgage held at 6.66% for the week ended August 27, remaining virtually unchanged from 6.65% the previous week, Freddie Mac reported Thursday. The 15-year fixed mortgage rate rose to 5.98% from 5.95% in the prior period, according to the Primary Mortgage Market Survey.
Compared with a year earlier, the 30-year rate is up from 6.56%, while the 15-year rate has increased from 5.69%. The survey tracks mortgage rates based on applications submitted during the week ending August 23.
Sam Khater, Freddie Mac’s chief economist, attributed the stability to a resilient economy, citing steady consumer spending and rising household incomes. He noted that increased housing supply and slower price growth in many regions are providing buyers with more options, contributing to a more balanced market.
The survey reflects rates reported by lenders across the U.S. and is widely monitored as an indicator of mortgage financing conditions.
