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The numbers: Mortgage rates are up for the fifth week in a row.
The 30-year fixed-rate mortgage averaged 6.73% as of March 9, according to data released by Freddie Mac on Thursday.
That’s up 8 basis points from the previous week. One basis point is equal to one hundredth of a percentage point.
Last week, the 30-year was at 6.65%, and last year, it was averaging 3.85%.
The average rate on the 15-year mortgage rose to 5.95%, up from 5.89% the previous week. A year ago, the 15-year was at 3.09%.
Freddie Mac’s weekly report on mortgage rates is based on thousands of applications received by from lenders across the country that are submitted to Freddie Mac when a borrower applies for a mortgage.
Separate data from Mortgage News Daily said that the 30-year fixed-rate mortgage was averaging 6.94% as of Thursday morning.
What Freddie Mac said: “Mortgage rates continue their upward trajectory as the Federal Reserve signals a more aggressive stance on monetary policy,” Sam Khater, chief economist at Freddie Mac, said in a statement.
“Would-be homebuyers continue to face the compounding challenges of affordability and low inventory,” he added.
What they’re saying: “Overall … higher rates will subdue buyer activity just as the calendar says the spring housing market should be ramping up,” Lisa Sturtevant, chief economist at Bright MLS, said in a statement.
“The biggest impact will be felt among first-time homebuyers,” she added, “who have been competing against cash and repeat buyers throughout the pandemic and are still facing the one-two punch of high home prices and rising mortgage rates.”
Market reaction: The yield on the 10-year Treasury note
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was above 3.9% during the afternoon session on Thursday.
