Fixed Mortgage Rates Climb Higher for Fourth Consecutive Week
Mortgage Rates Continue to Climb Up
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending March 2nd. The 30-year fixed-rate mortgage averaged 6.65%, up from last week when it averaged 6.50%. A year ago at this time, the 30-year rate averaged 3.76%.
The 15-year fixed-rate mortgage averaged 5.89%, up from last week when it averaged 5.76%. A year ago at this time, the 15-year rate averaged 3.01%.
Adding additional background and his analysis to this week’s report, Freddie Mac’s Chief Economist Sam Khater said:
“As we started the year, the 30-year fixed-rate mortgage decreased with expectations of lower economic growth, inflation, and a loosening of monetary policy. However, given sustained economic growth and continued inflation, mortgage rates boomeranged and are inching up toward seven percent. Lower mortgage rates back in January brought buyers back into the market. Now that rates are moving up, affordability is hindered and making it difficult for potential buyers to act, particularly for repeat buyers with existing mortgages at less than half of current rates.”
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