The average rate on a 30-year fixed mortgage rose to 6.11% as of March 12, up from the recent lows seen in the prior weeks—the softest levels since September 2022—according to Freddie Mac.
“The 30-year fixed-rate mortgage returned to last month’s level of 6.11%. Despite this modest uptick, buyers are clearly responding to rates in this range, with existing-home sales rising 1.7% in February. Purchase applications also increased this week, a welcome sign as buyers head into the spring homebuying season with rates more than half a percentage point lower than at the same time last year,” said Sam Khater, Freddie Mac’s chief economist.
