Freddie Mac’s loan data is collected from Monday through Wednesday. On Mortgage News Daily, which publishes a new figure daily, 30-year rates averaged 5.99%, up from 5.84% last week.during a speech last Friday
“The market’s renewed perception of a more aggressive monetary policy stance has driven mortgage rates up to almost double what they were a year ago,” said Sam Khater, Freddie Mac’s chief economist.“The increase in mortgage rates is coming at a particularly vulnerable time for the housing market as sellers are recalibrating their pricing due to lower purchase demand,” he said.The Federal Reserve does not set the interest rates mortgage borrowers pay directly, but its actions influence them.
As a result, he said homebuyers can expect mortgage rates to stay in the 5% to 6% range over the next few months. A combination of still-high inflation and the Fed’s increasing borrowing costs will keep them elevated.