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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