Published: February 23, 2023 at 12:00 PM ET
By Dean Seal
Mortgage rates rose for the third straight week amid persistent inflation, tightening jobs and signs of a strong economy.
In the week ending Thursday, the average interest rate on a 30-year fixed-rate mortgage rose to 6.5% from 6.32% the previous week. A year ago, the average rate was 3.89%.
The…
By Dean Seal
Mortgage rates rose for the third straight week amid persistent inflation, tightening jobs and signs of a strong economy.
In the week ending Thursday, the average interest rate on a 30-year fixed-rate mortgage rose to 6.5% from 6.32% the previous week. A year ago, the average rate was 3.89%.
The 15-year average rate rose to 5.76% from 5.51% last week, Freddie Mac said. A year ago, the average interest rate for 15-year fixed-rate mortgages was 3.14%.
“The economy continues to show strength and interest rates are being reassessed to reflect stronger-than-expected growth, a tight labor market and the risk of persistent inflation,” said Sam Khater, Freddie Mac’s chief economist. “Our research shows that interest rate dispersion increases as mortgage rates rise. That means homebuyers can potentially save $600 to $1,200 annually by taking the time to research lenders for a better rate.”
Write to Dean Seal at [email protected]
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