Freddie Mac has reported the average interest rate on a 30-year fixed mortgage has inched its way up from 4.23% ending at 4.28% for the week. The week ending rate of 4.28% sits nearly a full percentage point above where rates were at this time last year.
The average rate on a 15-year fixed remained at 3.33%.
USA Today stated despite the higher interest rates “Most economists expect home sales and prices to keep rising this year, but at a slower pace. They forecast that both will likely rise around 5%...”