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Mortgage rates rose this week as the conflict in Iran continues to weigh on markets, 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 6.46% from last week’s reading of 6.38%.
The average rate on a 30-year loan was 6.64% a year ago.
“With spring homebuying season in full swing, aspiring buyers should remember to shop around for the best mortgage rate, as they can potentially save thousands of dollars by getting multiple quotes,” said Sam Khater, Freddie Mac’s chief economist.
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The average rate on a 15-year fixed mortgage ticked higher to 5.77% from last week’s reading of 5.75%.
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Mortgage rates are affected by several factors, including the Federal Reserve and geopolitics. Though mortgage rates are not directly affected by the Fed’s interest rate decisions, they closely track the 10-year Treasury yield. The 10-year yield hovered around 4.3% as of Thursday afternoon.
