The average U.S. mortgage rate remained essentially unchanged last week, rising by just one basis point to 3.18%, according to Freddie Mac’s Primary Mortgage Market Survey. A broader recovery of the economy has almost returned rates back to market “normalcy” as the standard 30-year FRM averaged 3.33% this same time last year.
Although mortgage rates still remain relatively low, the industry is beginning to see a pullback by those looking to enter the market, said Sam Khater, Freddie Mac’s chief economist. Overall, homebuyer demand slipped from 25% above pre-COVID levels at the start of the year, when mortgage rates hit record lows, to 8% above pre-COVID levels recently.
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