{"id":1779,"date":"2023-03-03T14:25:16","date_gmt":"2023-03-03T14:25:16","guid":{"rendered":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2023\/03\/03\/affordability-is-hindered-mortgage-rates-rise-for-fourth-week-in-a-row-surpass-7\/"},"modified":"2023-03-03T14:25:16","modified_gmt":"2023-03-03T14:25:16","slug":"affordability-is-hindered-mortgage-rates-rise-for-fourth-week-in-a-row-surpass-7","status":"publish","type":"post","link":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2023\/03\/03\/affordability-is-hindered-mortgage-rates-rise-for-fourth-week-in-a-row-surpass-7\/","title":{"rendered":"\u2018Affordability Is Hindered\u2019: Mortgage Rates Rise for Fourth Week in a Row, Surpass 7%"},"content":{"rendered":"

<\/a><\/p>\n

Getty Images<\/p>\n

<\/p>\n

The numbers:<\/strong> Mortgage rates are up for the fourth week in a row.<\/p>\n

The 30-year fixed mortgage rate hit 7.1%, up from 6.94% on Wednesday, according to the latest data of mortgage brokers released Thursday by\u00a0Mortgage News Daily.<\/p>\n

Mortgage News Daily says its index is driven by real-time changes in actual lender rate sheets.<\/p>\n

Separately, the 30-year fixed-rate mortgage averaged 6.65% as of March 2, up 15 basis points from the previous week, Freddie Mac\u00a0also said Thursday.<\/p>\n

The 30-year was last at this level in mid-November 2022. One basis point is equal to one hundredth of a percentage point.<\/p>\n

Last week, the 30-year was at 6.5%. Last year, the 30-year was averaging at 3.76%, Freddie Mac said.<\/p>\n

The average rate on the 15-year mortgage rose to 5.89%, from 5.76% the previous week. The 15-year was at 3.01% a year ago.<\/p>\n

Freddie Mac\u2019s weekly report on mortgage rates is based on thousands of applications received from lenders across the country that are submitted to Freddie Mac when a borrower applies for a mortgage.<\/p>\n

Separate data by\u00a0Mortgage News Daily<\/a>\u00a0said that the 30-year fixed-rate mortgage was averaging at 6.94% as of Thursday morning.<\/p>\n

Mortgage\u00a0demand fell in the latest week<\/a>\u00a0as rates rose, according to a separate report by the Mortgage Bankers Association. Purchase applications have dropped to the lowest level in 28 years.<\/p>\n

What Freddie Mac said:<\/strong> \u201cGiven sustained economic growth and continued inflation, mortgage rates boomeranged and are inching up toward 7%,\u201d Sam Khater, chief economist at Freddie Mac, said in a statement.<\/p>\n

\u201cNow that rates are moving up, affordability is hindered and making it difficult for potential buyers to act, particularly for repeat buyers with existing mortgages at less than half of current rates,\u201d he added.<\/p>\n

Market reaction:<\/strong> The yield on the 10-year Treasury note was trading above 4% during the afternoon trading session on Thursday.<\/p>\n

The post \u2018Affordability Is Hindered\u2019: Mortgage Rates Rise for Fourth Week in a Row, Surpass 7%<\/a> appeared first on Real Estate News & Insights | realtor.com\u00ae<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Getty Images The numbers: Mortgage rates are up for the fourth week in a row. The 30-year fixed mortgage rate hit 7.1%, up from 6.94% on Wednesday, according to the latest data of mortgage brokers released Thursday by\u00a0Mortgage News Daily. Mortgage News Daily says its index is driven by real-time changes in actual lender rate…Read More→<\/a><\/p>\n","protected":false},"author":0,"featured_media":1780,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1779","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/1779","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/comments?post=1779"}],"version-history":[{"count":0,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/1779\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media\/1780"}],"wp:attachment":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media?parent=1779"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/categories?post=1779"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/tags?post=1779"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}