Mortgage rates rise to 6.09%: Freddie Mac

Mortgage rates Mortgage buyer Freddie Mac said Thursday that interest rates rose this week but remain their lowest levels in three years.

Freddie Mac’s latest primary mortgage market survey, released Thursday, showed the average rate on the benchmark index 30-year fixed mortgage It rose to 6.09% from last week’s reading of 6.06%.

The average interest rate on a 30-year loan was 6.96% a year ago.

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“With the economy improving and the average 30-year mortgage down nearly a percentage point from last year, more homebuyers are entering the market,” said Sam Khater, chief economist at Freddie Mac. “Buyers should always shop around for the best prices, as multiple bids can save them thousands.”

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Mortgage rates are affected by several factors, including the Federal Reserve and geopolitics. Although mortgage rates are not directly affected by the Federal Reserve’s interest rate decision, they closely track the 10-year Treasury yield. The 10-year bond yield was hovering around 4.25% as of Thursday afternoon.

Meanwhile, the average interest rate on a 15-year fixed mortgage rose to 5.44% from last week’s reading of 5.38%.

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A real estate agent prepares a house for sale. (Getty Images)

Recent policy decisions have contributed to the recent volatility, including President Donald Trump’s announcement that Fannie Mae and Freddie Mac will buy $200 billion in mortgage-backed securities, said Anthony Smith, chief economist at Realtor.com.

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“The announcement contributed to the recent decline in interest rates, although uncertainty over implementation may limit the impact,” Smith said. “A separate executive order has set out a framework to restrict institutional investor participation in housing markets, but with key implementation details not yet determined, any near-term impacts are likely to be limited and concentrated in select metro cities.”