Mortgage rates slow their ascent

“This pause in rate activity should help the housing market rebalance from the breakneck growth of a seller’s market to a more normal pace of home price appreciation,” Khater said.

The same survey showed that the 15-year FRM averaged 4.83%, down from the previous week’s recorded 4.92% and up from the previous year’s average of 2.26%.

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Freddie Mac’s Primary Mortgage Market Survey focuses on conventional, conforming, fully amortizing home purchase loans for borrowers with excellent credit and 20% down. Average commitment rates are reported with average fees and points to reflect the total upfront cost of obtaining the mortgage.