The numbers: Mortgage charges are up for the fifth week in a row.
The 30-year fixed-rate mortgage averaged 6.73% as of March 9, in keeping with knowledge launched by Freddie Mac on Thursday.
That’s up 8 foundation factors from the earlier week. One foundation level is the same as one hundredth of a proportion level.
Last week, the 30-year was at 6.65%, and final yr, it was averaging 3.85%.
The common fee on the 15-year mortgage rose to five.95%, up from 5.89% the earlier week. A yr in the past, the 15-year was at 3.09%.
Freddie Mac’s weekly report on mortgage charges is predicated on 1000’s of functions obtained by from lenders throughout the nation which are submitted to Freddie Mac when a borrower applies for a mortgage.
Separate knowledge from Mortgage News Daily stated that the 30-year fixed-rate mortgage was averaging 6.94% as of Thursday morning.
What Freddie Mac stated: “Mortgage rates continue their upward trajectory as the Federal Reserve signals a more aggressive stance on monetary policy,” Sam Khater, chief economist at Freddie Mac, stated in an announcement.
“Would-be homebuyers continue to face the compounding challenges of affordability and low inventory,” he added.
What they’re saying: “Overall … higher rates will subdue buyer activity just as the calendar says the spring housing market should be ramping up,” Lisa Sturtevant, chief economist at Bright MLS, stated in an announcement.
“The biggest impact will be felt among first-time homebuyers,” she added, “who have been competing against cash and repeat buyers throughout the pandemic and are still facing the one-two punch of high home prices and rising mortgage rates.”
Market response: The yield on the 10-year Treasury be aware
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was above 3.9% throughout the afternoon session on Thursday.
Source web site: www.marketwatch.com
