30-Year Fixed-Rate Mortgages Rise in the Week Ending February 29th—Fourth Consecutive Increase
Mortgage Rates Increase for the Fourth Consecutive Week
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending February 29th.
The 30-year fixed-rate mortgage averaged 6.94%, up from last week when it averaged 6.90%. A year ago at this time, the 30-year rate averaged 6.65%.
The 15-year fixed-rate mortgage averaged 6.26%, down from last week when it averaged 6.29%. A year ago at this time, the 15-year rate averaged 5.89%.
Commenting on the results of this week’s survey, Freddie Mac Chief Economist Sam Khater said:
“Mortgage rates continued their ascent this week, reaching a two-month high and flirting with 7% yet again. The recent boomerang in rates has dampened already tentative homebuyer momentum as we approach the spring, a historically busy season for homebuying. While sales of newly built homes are trending in a positive direction, higher rates and elevated prices continue to pose affordability challenges that may leave potential homebuyers on the sidelines.”
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