Interest rates for a 30-year fixed rate mortgage saw a slight uptick, according to Freddie Mac, which conducts a weekly survey of mortgage companies. The 30-year rate increased to 6.65%, up 0.02% from 6.63% a week ago.

“Despite volatility in the markets, the 30-year fixed-rate mortgage remained essentially flat from last week,” said Sam Khater, Freddie Mac’s chief economist in a statement. “Mortgage rates continue to be relatively low versus the last few months, and homebuyers have responded.”

The 15-year rate also increased slightly up to 5.8% from 5.79% a week ago. Both the 30- and 15-year rates were lower than a year ago. In 2024, the 30-year rate averaged 6.74% and the 15-year rate averaged 6.16%.

Interest rates had been declining for seven weeks in a row before the small bump this week. And borrowers have been responding. The Mortgage Bankers Association reported two consecutive weeks of double-digit increases in mortgage applications.

The lower rates compared to the last few months have led more borrowers to purchase homes and refinance. Khater said:  “The combination of modestly lower mortgage rates and improving inventory is a positive sign for homebuyers in this critical spring homebuying season.”