Rates rose due to ‘ongoing market and geopolitical uncertainty,’ Freddie Mac says
Mortgage rates rose for the fifth week in a row amid concerns over whether the U.S. Federal Reserve will hike interest rates, as well as over the ongoing conflict in Israel and Gaza.
It’s up 8 basis points from the previous week — one basis point is equal to one hundredth of a percentage point. Rates continue to be at their highest level since December 2000.The average rate on the 15-year mortgage was 6.89%, up from 6.78% last week. The 15-year was at 6.09% a year ago. Separate data by Mortgage News Daily said that the 30-year fixed-rate mortgage was averaging 7.6% as of Thursday afternoon.
“The good news is that the economy and incomes continue to grow at a solid pace, but the housing market remains fraught with significant affordability constraints,” he said. “As a result, purchase demand remains at a three-decade low.”
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