Mortgage rates jumped for the fifth straight week as they move to closer to 7.0%, according to the weekly survey from Freddie Mac.
- 30-YR FRM: Averaged 6.73% for the week ending March 9th, up 8 basis points from last week and now up 64 basis points from the start of February. Rates are up 248 basis points from the same time last year.
- 15-YR FRM: Average 5.95% for the week ending March 9th, up 6 basis points from last week and now up 81 basis points from the state of February. Rates are up 286 basis points from the same time last year.
Analysis: Sam Khater, Freddie Mac’s Chief Economist, notes that wannabe homebuyers are facing the worst of both worlds. “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.”