Mortgage rates continued to increase this week, with the average rate for a 30-year fixed-rate mortgage hitting 6.73%, up from 6.65% last week, according to Freddie Mac.
“Mortgage rates continue their upward trajectory as the Federal Reserve signals a more aggressive stance on monetary policy,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Overall, consumers are spending in sectors that are not interest rate sensitive, such as travel and dining out. However, rate-sensitive sectors, such as housing, continue to be adversely affected. As a result, would-be homebuyers continue to face the compounding challenges of affordability and low inventory.”
A year ago at this time, the average rate for a 30-year was 3.85%.
For the week ended March 9, the average rate for a 15-year adjustable mortgage was 5.95%, up from 5.89% the previous week.
A year ago at this time, the average rate for a 15-year was 3.09%.
Photo: David Kristianto