The average rate on a 30-year mortgage rose to 6.64% from 6.63% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.12%.
“Mortgage rates remain stagnant, hovering in the mid-6% range over the past several weeks,” said Sam Khater, Freddie Mac’s chief economist.
The move echoes an increase this week in the 10-year Treasury yield, which lenders use as a guide to pricing loans. The yield moved above 4% this week as bond traders reacted to the government’s January’s jobs report . The surprisingly strong report stoked worries that it could persuade the Federal Reserve to wait longer before it begins cutting interest rates.
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