Mortgage rates are rising steadily, according to the most recent Freddie Mac survey.
Last week, the average rate on a 30-year loan rose 5 basis points, to 6.89%, Freddie Mac said. This is down from the year-earlier rate of 7.24% but up from the record lows reached in October.
Although the 30-year, fixed-rate mortgage is expected to edge back up to 7%, Freddie Mac still expects an "active, robust housing market," said chief economist Robert Van Order.
A $100,000 home bought in October would have cost $250 less a month to finance than one bought a year earlier, Mr. Van Order said.