Mortgage rates crawl toward 7% but market optimistic: Freddie Mac

Mortgage rates hit a new high this week, but the slow crawl to 7% has not dampened home building or the expectation that borrowing costs will fall this year, according to Freddie Mac. The average 30-year fixed-rate mortgage was 6.82% for the week ending March 21, according to Freddie Mac's latest Primary Mortgage Market Survey. That's an increase from the previous week when it averaged 6.74%. A year ago, the 30-year fixed-rate mortgage averaged 6.42%.

New home construction is bouncing back just in time for the spring homebuying season. In February, housing starts climbed 5.9% year-over-year and home completions were 10.7% higher annually, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, signaling potentially more home options in coming months. Overall, housing supply has improved, as the number of homes for sale increased by 14.

new initiative recently launched by President Joe Biden to improve affordability and supply issues could help increase demand for housing in the current high-rate environment. Biden has called on Congress to invest more than $175 billion in affordable housing initiatives, according to a White House statement.

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Mortgage rates ease slightly as spring homebuying season nears: Freddie MacThe average 30-year fixed-rate mortgage was 6.88% for the week ending March 7, according to Freddie Mac's latest Primary Mortgage Market Survey.
Source: FOX29philly - 🏆 570. / 51 Read more »

Housing Market Update: Mortgage Rates Rise at the Worst TimeMortgage rates jumped for the week ending March 21, according to Freddie Mac.
Source: Newsweek - 🏆 468. / 52 Read more »

Average long-term US mortgage rate climbs back to nearly 7% after two-week slideThe average long-term U.S. mortgage rate climbed back to nearly 7% this week, pushing up borrowing costs for home shoppers with the spring homebuying season underway. The average rate on a 30-year mortgage rose to 6.87% from 6.74% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.42%.
Source: AP - 🏆 728. / 51 Read more »

Mortgage rates dip slightly, boosting demandMortgage rates are down slightly after climbing for more than a month, leading to an increase in purchase applications despite record-high home prices and rates near 7%.
Source: FoxBusiness - 🏆 458. / 53 Read more »

Today's mortgage rates drop for 30-year termsMortgage rates fluctuate almost daily based on economic conditions. Here are today’s mortgage rates and what you need to know about getting the best rate.
Source: FoxBusiness - 🏆 458. / 53 Read more »

Today's mortgage rates edge up for 30-year termsMortgage rates fluctuate almost daily based on economic conditions. Here are today’s mortgage rates and what you need to know about getting the best rate.
Source: FoxBusiness - 🏆 458. / 53 Read more »