30-year mortgage rates climb to highest level in twelve months

Freddie Mac’s Primary Mortgage Market Survey released Thursday showed the benchmark 30-year fixed mortgage rate increased to 6.66% from 6.58% the week before. A year ago the rate had been 6.72%. The 15-year fixed rate also edged higher, reaching 6.04% after standing at 5.96%. Freddie Mac chief economist Sam Khater said the broader housing market is still helped by greater inventory, which gives buyers more choices despite the rate fluctuations.