Mortgage Rates Rebound After Weeks of Decline.

Mortgage rates have increased for the first time in over a month, with the 30-year fixed-rate mortgage averaging 6.39%, up from 6.27% last week. According to Freddie Mac's Chief Economist, affordable housing continues to be a serious issue for many potential homebuyers, and unless rates drop into the mid five percent range, demand will only modestly recover. Real estate experts suggest that the market has been somewhat frozen, with sellers hesitant to give up their low-interest rates and move, and a lot of buyers priced out of the marketplace due to increased interest rates.