‘Affordability thwarted’: Mortgage rates rise for 4th straight week, briefly reaching 7%

Number: Mortgage rates rose for the fourth consecutive week.

30-year fixed mortgage rates hit 7.1%, up from 6.94% mid-week, according to Data Mortgage Broker data released Thursday by Mortgage News Daily.

Mortgage News Daily says its index is determined by real-time changes in actual lender rate sheets. On Sunday, his 30-year rate eased slightly to 6.97%.

Separately, 30-year fixed-rate mortgages averaged 6.65% as of March 2, up 15 basis points from the previous week.

I said Thursday.

30 years was the last at this level in mid-November 2022. One basis point equals one hundredth of a percentage point.

Last week, 30-year maturities were at 6.5%. According to Freddie Mac, his 30-year average last year was 3.76%.

The average 15-year mortgage rate rose to 5.89% from 5.76% last week. 15 years ago he was 3.01%.

Freddie Mac’s weekly report on mortgage rates is based on thousands of applications received from lenders nationwide that were submitted to Freddie Mac when borrowers applied for mortgages.

Separate the data as mortgage news daily As of Thursday morning, the average 30-year fixed-rate mortgage rate was 6.94%.

mortgage Demand has fallen in the last week Another report by the Mortgage Bankers Association said it was because interest rates had risen. Purchase offers fell to their lowest level in 28 years.

What Freddie Mac said: “Given continued economic growth and continued inflation, mortgage rates are on the rise, rising toward 7%,” Freddie Mac chief economist Sam Cater said in a statement.

“Now that interest rates are rising, affordability is being hampered, making it difficult for potential buyers, especially repeat buyers whose existing mortgages are currently priced at less than half of what they are now, to act.” he added.

Market reaction: Yields on 10-year government bonds traded above 4% in Thursday afternoon’s trading session.

Thinking about the housing market? Write to MarketWatch reporter Aarthi Swaminthan at the following address: aarthi@marketwatch.com

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