The figures:Mortgage rates are up for the fifth week in the row.
The 30-year fixed-rate mortgage was at an average of 6.73 percent at the time the 9th of March as per figures published from Freddie Mac on Thursday.
It’s up by 8 basis points over earlier in the week. One basis point equals 100th an % point.
The 30-year average was 6.65 percent, and the previous year, it was at 3.85 percent.
The average interest rate on the 15-year mortgage climbed to 5.95 percent in comparison to 5.89 percent in the previous week. One year ago the 15-year rate was 3.09 percentage.
The Freddie Mac weekly report about mortgage interest rates made up of thousands of mortgage applications lenders from across the nation which are sent by Freddie Mac when a borrower seeks an mortgage.
Separate information taken from Mortgage News Daily said that the 30-year fixed rate mortgage was in the range of 6.94 percent in the early hours of Thursday.
The reason Freddie Mac said:“Mortgage rates are on the rise in the wake of Federal Reserve signals a more active stance in policy on monetary matters,” Sam Khater, chief economist at Freddie Mac, said in an announcement.
“Would-be homebuyers continue to face the compounding challenges of affordability and low inventory,” he said.
They’re saying is:“Overall … rising rates are likely to dampen buyer activity at the same time that the calendar indicates that the spring market for housing should be accelerating,” Lisa Sturtevant, the chief economist of Bright MLS, said in an email.
“The biggest impact will be felt among first-time homebuyers,” she explained, “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.”
Reaction of the market:The yield of the 10-year Treasury note TMUBMUSD10Y 3.705 percent, was higher than 3.9 percent during the afternoon session on Thursday.
