The average rate for a 30-year fixed-rate mortgage climbed to 7.49% this week, continuing its upward march as the U.S. housing market continues to cool.
Mortgage rates rose again this week, continuing their upward march and contributing further to plummeting demand in the housing market as more would-be buyers retreat. Freddie Mac's latest Primary Mortgage Market Survey released Thursday shows the average rate for the benchmark 30-year fixed-rate mortgage jumped to 7.49%, up from 7.31% last week and from 6.66% a year ago. The rate for a 15-year mortgage also climbed, averaging 6.78% after coming in last week at 6.72%.
Typically, in a market where interest rates rise as fast they have under the Fed's aggressive rate-hike campaign, home prices would be expected to pull back. But prices remain high due to a lack of homes for sale as more homeowners who are locked in at lower interest rates stay put rather than sell. Realtor.
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