The average rate on a 30-year mortgage in the U.S. increased slightly this week, bringing an end to a seven-week decline that had helped reduce borrowing costs for homebuyers heading into the spring homebuying season.
The rate averaged 6.65% this week, up from 6.63% last week, according to mortgage buyer Freddie Mac’s report on Thursday. A year ago, the average rate was 6.74%.
Additionally, borrowing costs for 15-year fixed-rate mortgages, which are popular among homeowners looking to refinance their loans at a lower rate, also rose slightly this week. The average rate increased to 5.8% from 5.79% last week. A year ago, it averaged 6.16%, Freddie Mac stated.
Mortgage rates are affected by various factors, including the bond market’s response to the Federal Reserve’s interest rate policy decisions. — news from ABC News
