Average rate on the benchmark 30-year fixed mortgage rose to 6.86%, says Freddie Mac.
Mortgage rates increased to the highest level since mid-February, mortgage buyer Freddie Mac said Thursday.
Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage rose to 6.86% from last week's reading of 6.81%. It marked the highest level since Feb. 13, when the rate on a 30-year mortgage averaged 6.87%.
The average rate on a 30-year loan was 6.94% a year ago.
"With more inventory for buyers to choose from than the last few years, purchase application activity continues to hold up," said Sam Khater, Freddie Mac's chief economist.