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Mortgage Rates Creep Up To The 7% Level

WRE News February 26, 2024

Buyer

Mortgage rates shot up to the border of the dreaded 7% mark in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage averaged 6.90% as of Feb. 22, up from last week when it averaged 6.77%. A year ago at this time, the 30-year FRM 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, it averaged 5.76%.

“Strong incoming economic and inflation data has caused the market to re-evaluate the path of monetary policy, leading to higher mortgage rates,” said Sam Khater, Freddie Mac’s chief economist. “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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Mortgage Rates Creep Up To The 7% Level

Recent Blog Posts

Mortgage Rates Stay Flat Ahead of Holiday Weekend

Make Your House the Top Thing on Every Buyer’s Wish List This Season

Bubbling Paint Will Ruin Your Walls—Here's How Experts Prevent It

Want To Boost Employee Morale And Productivity? Ramp Up Volunteering

Whale Watching Season In Paradise In Baja California Sur

St. Claire Gardens Neighborhood of Palo Alto

We are Your GPS to Success Let’s Get Started

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