Freddie Mac: Mortgage rates tick up, reversing course from last week’s 3-year low

This week, the 30-year fixed-rate mortgage averaged 3.75%

This week, the 30-year fixed-rate mortgage averaged 3.75%, slightly rising from last week’s 3-year low of 3.73%, according to the Freddie Mac Primary Mortgage Market Survey.

Despite this week’s increase, the rate is more than three-quarters of a percentage point lower than a year ago when it averaged 4.52%.

Freddie Mac Chief Economist Sam Khater said the country is experiencing a tug of war as the fixed income market flashes warning signs while the equities market continues to march higher with optimism.

“The data suggests the economy is weakening but is still on very solid ground with high consumer confidence and strong labor market,” Khater said. “Closer to home, the housing market continues to slowly improve and gain momentum as we head into the second half of the year, which is good news and should keep the economy growing.”

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