Mortgage Rates Rise Again as Inflation Persists
March 02 2023 - 12:29PM
Dow Jones News
By Will Feuer
Mortgage rates rose again amid persistent inflation and signs of
continued economic growth, according to government-backed
housing-finance agency Freddie Mac.
In the week ending Thursday, the average rate on a 30-year
fixed-rate mortgage rose to 6.65% from 6.50% the prior week. A year
ago, the average rate was 3.76%.
The average 15-year rate rose to 5.89% from 5.76% last week,
Freddie Mac said. A year ago, the 15-year fixed-rate mortgage rate
averaged 3.01%.
"As we started the year, the 30-year fixed-rate mortgage
decreased with expectations of lower economic growth, inflation and
a loosening of monetary policy. However, given sustained economic
growth and continued inflation, mortgage rates boomeranged and are
inching up toward seven percent," said Sam Khater, Freddie Mac's
Chief Economist.
"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," he said.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
March 02, 2023 12:14 ET (17:14 GMT)
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