Mortgage rates rise for the second week, reaching 6.77%
CNN
After treading water for months, US mortgage rates jumped higher Thursday following a string of strong employment and inflation data reports.
After treading water for months, US mortgage rates jumped higher Thursday following a string of strong employment and inflation data reports. The 30-year fixed-rate mortgage averaged 6.77% in the week ending February 15, up from 6.64% the previous week, according to data from Freddie Mac. A year ago, the average 30-year fixed-rate was 6.32%. “On the heels of consumer prices rising more than expected, mortgage rates increased this week,” said Sam Khater, Freddie Mac’s chief economist. “The economy has been performing well so far this year and rates may stay higher for longer, potentially slowing the spring homebuying season,” said Khater in a statement. Mortgage applications to buy a home so far in 2024 are down in more than half of all states compared to a year earlier, Khater said. “Mortgage rates have been volatile due to strong employment data, rising last week and leading to a 2% drop in applications,” said Bob Broeksmit, CEO of Mortgage Bankers Association in a release.
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