### Mortgage Rates Continue to Climb, Reaching 6.44% for a 30-Year Fixed Loan

This week saw a further increase in mortgage rates, continuing to challenge demand in an already tight housing market characterized by high prices. According to Freddie Mac’s latest Primary Mortgage Market Survey released on Thursday, the average rate for a 30-year fixed mortgage has risen to 6.44%, up from last week's 6.32%. Comparatively, the rate on a 30-year loan stood at 7.63% one year ago.

Freddie Mac's chief economist, Sam Khater, commented on the trend, noting, "The 30-year fixed-rate mortgage increased for the third consecutive week, moving closer to 6.5%." Khater emphasized that these higher rates reflect economic strength that bolsters the housing market. He also pointed out that, unlike a year ago, rates are now more than one percentage point lower, offering homebuyers a chance to benefit, particularly by seeking out the best mortgage offers, as rates can vary significantly between lenders.

Despite these insights, many prospective buyers and sellers remain hesitant to act, hoping for a future decrease in rates. A survey by Zillow reveals that approximately 80% of current mortgage holders have rates below 5%, a stark contrast to the current averages.

Additionally, the rate for a 15-year fixed mortgage also saw an increase, reaching 5.63% from 5.41% last week. One year prior, the rate for the same mortgage type averaged 6.92%.

Overall, the rising mortgage rates signal sustained economic vigor but present a mixed bag for those navigating the housing market, making timing and strategy all the more critical.