Fixed Mortgage Rates Climb Higher for Fifth Consecutive Week
Mortgage Rates Continue Their Upward Trajectory
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending March 9th. The 30-year fixed-rate mortgage averaged 6.73%, up from last week when it averaged 6.65%. A year ago at this time, the 30-year rate averaged 3.85%.
The 15-year fixed-rate mortgage averaged 5.95%, up from last week when it averaged 5.89%. A year ago at this time, the 15-year rate averaged 3.09%.
Adding additional background and his analysis to the report, Sam Khater, Freddie Mac’s Chief Economist, said:
“Mortgage rates continue their upward trajectory as the Federal Reserve signals a more aggressive stance on monetary policy. Overall, consumers are spending in sectors that are not interest rate sensitive, such as travel and dining out. However, rate-sensitive sectors, such as housing, continue to be adversely affected. As a result, would-be homebuyers continue to face the compounding challenges of affordability and low inventory.”
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.