Fixed-Rate Mortgages Trek Higher in the Week Ending February 22nd
Mortgage Rates Continue to Rise, Nearing Seven Percent
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending February 22nd.
The 30-year fixed-rate mortgage averaged 6.90%, up from last week when it averaged 6.77%. A year ago at this time, the 30-year rate averaged 6.50%.
The 15-year fixed-rate mortgage averaged 6.29%, up from last week when it averaged 6.12%. A year ago at this time, the 15-year rate averaged 5.76%.
Commenting on the results of this week’s survey, Freddie Mac Chief Economist Sam Khater said:
“Strong incoming economic and inflation data has caused the market to re-evaluate the path of monetary policy, leading to higher mortgage rates. Historically, the combination of a vibrant economy and modestly higher rates did not meaningfully impact the housing market. The current cycle is different than historical norms, as housing affordability is so low that good economic news equates to bad news for homebuyers, who are sensitive to even minor shifts in affordability.”
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