Mortgage rates are up sharply, putting pressure on the housing market once again.
The 30-year fixed-rate mortgage averaged 6.5% as of February 23, according to data released by Freddie Mac on Thursday.
The average rate on a 15-year mortgage rose to 5.76%, from 5.51% the previous week. The 15-year was at 3.14% a year ago. Separate data by Mortgage News Daily said that the 30-year fixed-rate mortgage was averaging at 6.88% as of Thursday morning. What Freddie Mac said: “The economy continues to show strength, and interest rates are repricing to account for the stronger than expected growth, tight labor market and the threat of sticky inflation,” Sam Khater, chief economist at Freddie Mac, said in a statement.“Our research shows that rate dispersion increases as mortgage rates trend up. This means homebuyers can potentially save $600 to $1,200 annually by taking the time to shop among lenders to find a better rate,” he said.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. mortgage interest rates jump to highest level since November - MBAThe average interest rate on the most popular U.S. home loan rose last week to its highest since November as bond markets took fright that the Federal Reserve might have to continue tightening policy through summer to subdue inflation, data from the Mortgage Bankers Association (MBA) showed on Wednesday.
Read more »
Mortgage purchase applications fall to lowest level since 1995Mortgage loan applications last week fell to the lowest level since 1995 as mortgage rates rose, the Mortgage Bankers Association reported Wednesday.
Read more »
Mortgage demand plunges as rates take off and buyers fleeMortgage applications fell 13.3% in the latest week, the Mortgage Bankers Association said. The average rate for a 30-year mortgage is 6.62%.
Read more »
Bad news for home buyers: Mortgage rates inch towards 7%, highest level in 2023The typical mortgage now costs a homebuyer $2,300 a month, based on a 20% downpayment for a $359,000 home.
Read more »
Today’s mortgage rates for Feb. 22, 2023Looking for the most up-to-date mortgage rates to empower your purchasing or refinancing decisions? We’ve got you covered
Read more »
Mortgage apps plunge as rates jumpMortgage rates have risen sharply in recent weeks, reversing what had been a steady drop from nosebleed levels. One result appears to be a stomping out of what little activity was starting to emerge in the housing market.
Read more »