Rates Averaging Close To 7%
Mortgage rates aren’t going down as the spring homebuying season rapidly approaches.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.90%, up from the week prior’s 6.77%. A year ago at this time, the 30-year FRM averaged 6.50%.
The 15-year fixed jumped to 6.29% from 6.12%. A year ago, 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…