Mary Christine Joy,
champpixs
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Rising Consumer Prices Prompt Mortgage Rate Hike
The Freddie Mac Primary Mortgage Survey revealed that mortgage rates increased as consumer prices rose more than expected. This development is anticipated to impact the upcoming spring homebuying season.
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Rate Surge Details
30-year fixed-rate mortgages averaged 6.77% as of Feb. 15, marking an increase from the previous week when they averaged 6.64%. Moreover, rates were significantly higher compared to the 6.32% recorded in the year-ago period.
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Mortgage Rate Fluctuations
15-year fixed-rate mortgages experienced a similar trend, averaging 6.12%, up from 5.90% last week and 5.51% a year ago.
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Insight from Freddie Mac’s Chief Economist
“On the heels of consumer prices rising more than expected, mortgage rates increased this week,” said Sam Khater, the chief economist at Freddie Mac. He also added, “The economy has been performing well so far this year and rates may stay higher for longer, potentially slowing the spring homebuying season.”
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