The volatility in the equity markets is pushing yields higher and mortgage rates are no exception, according to the latest data from Fredie Mac’s weekly survey…(Freddie Mac)
- 30-YR FIXED: The average rate jumped 11 basis points to 3.56% for the week ending January 20th. This is 79 basis points higher than the same time one year ago.
- 15-YR FIXED: The average rate jumped 17 basis points to 2.79% for the week ending January 20th. This is 58 basis points higher than the same time one year ago.
Sam Khater, Freddie Mac’s Chief Economist, said rates are putting downward pressure on demand, but not as much as you would think…
- “As a result of higher mortgage rates, purchase demand has modestly waned in advance of the spring homebuying season. However, supply remains near historically tight levels and home prices remain high, keeping the market competitive.”