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Mortgage Rates Up For Fourth Straight Week

WRE News March 5, 2024

Buyer

Mortgage Rates Up For Fourth Straight Week

Mortgage rates climbed for the fourth consecutive week, according to the Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage averaged 6.94% as of Feb. 29, up from last week when it averaged 6.90%. A year ago at this time, it averaged 6.65%.

The 15-year fixed-rate mortgage averaged 6.26%, down from last week when it averaged 6.29%. A year ago at this time, it averaged 5.89%.

“Mortgage rates continued their ascent this week, reaching a two-month high and flirting with 7% yet again,” said Sam Khater, Freddie Mac’s chief economist. “The recent boomerang in rates has dampened already tentative homebuyer momentum as we approach the spring, a historically busy season for homebuying. While sales of newly built homes are trending in a positive direction, higher rates and elevated prices continue to pose affordability challenges that may leave potential homebuyers on the sidelines.”

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Mortgage Rates Up For Fourth Straight Week

Recent Blog Posts

These Easy-to-Grow Plants Are The KEY To a Deer-Resistant Garden

These Three Cities Honored For Their Public Health Achievements

We Found the Best Low-Light Indoor Plants That Will THRIVE All Year Long

California Approves 17% Rate Hike by State Farm

The exact amount of time you need to lift weights to see muscle gains, according to research

Strength Training: Big-Time Interactive AI Home Gym In A Small Package

We are Your GPS to Success Let’s Get Started

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