By Will Feuer

 

Mortgage rates rose again after the Federal Reserve signaled that it could more aggressively raise interest rates as it looks to cool inflation, 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 6.73% from 6.65% the prior week. A year ago, the average rate was 3.85%.

The average 15-year rate rose to 5.95% from 5.89% last week, Freddie Mac said. A year ago, the 15-year fixed-rate mortgage rate averaged 3.09%.

"Mortgage rates continue their upward trajectory as the Federal Reserve signals a more aggressive stance on monetary policy," said Sam Khater, Freddie Mac's Chief Economist.

"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," he said. "As a result, would-be home buyers continue to face the compounding challenges of affordability and low inventory."

Write to Will Feuer at Will.Feuer@wsj.com

 

(END) Dow Jones Newswires

March 09, 2023 12:14 ET (17:14 GMT)

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