Mortgage rates climbed for the fourth week in a row, according to the weekly survey from Freddie Mac.
- 30-year fixed averaged 6.65% for the week ending March 2nd, up 15 basis points from last week and is now 56 basis points higher than one month ago. Rates are 289 basis points higher than one year ago.
- 15-year fixed averaged 5.89% for the week ending March 2nd, up 13 basis points from last week and is now 75 bips higher than one month ago. Rates are 288 basis points higher than one year ago.
Analysis. Sam Khater, Freddie Mac’s Chief Economist says this is goin to slow the housing recovery. “Lower mortgage rates back in January brought buyers back into the market. Now that rates are moving up, affordability is hindered and making it difficult for potential buyers to act, particularly for repeat buyers with existing mortgages at less than half of current rates.”