Fixed Mortgage Rates Climb Higher for Fifth Consecutive Week

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.”