Mortgage rates saw a big jump this week, according to the latest data from the Freddie Mac weekly mortgage survey…(Freddie Mac)
- 30-YR FIXED: The average contract rate jumped 25 basis points to 4.67%, this is a whopping 159 basis points higher than one year ago.
- 15-YR FIXED: The average contract rate was up 24 basis points to 3.83%, this is 138 basis points higher than one year ago.
Sam Khater, Freddie Mac’s Chief Economist, said despite a big jump in rates purchases demand is holding strong…
- “Purchase demand has weakened modestly but has continued to outpace expectations. This is largely due to unmet demand from first-time homebuyers as well as a select few who had been waiting for rates to hit a cyclical low.”
NOTE: The 30-year fixed is now at its highest level since December 6th, 2018 when rates were at 4.75%.
REMINDER: The Mortgage Bankers Association had the 30-YR at 4.80% up 30 bips on the week and 147 basis points from last year.