Mortgage rates hit highest level in over a year
Average rate on the benchmark 30-year fixed mortgage rose to 6.69%, Freddie Mac says
Phil Blancato advises investors to avoid emotional decisions in portfolios
Osac Chief Market Strategist Phil Blancato advises investors to strip emotions from their investment decisions.
Mortgage rates rose this week, mortgage buyer Freddie Mac said Thursday.
Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage climbed to 6.69% from last week's reading of 6.66%.
The average rate on a 30-year loan was 6.63% a year ago.
"While mortgage rates continue to influence affordability, the housing market is showing signs of adjustment, with listing prices modestly below year-ago levels and for-sale inventory improving from the limited supply seen in recent years," said Sam Khater, Freddie Mac's chief economist.
A real estate agent sets up for an open house in Rancho Cucamonga, California, on May 9, 2026. (Kyle Grillot/Bloomberg via Getty Images)
The average rate on a 15-year fixed mortgage fell to 6.01% from last week's reading of 6.04%.