Mortgage rates clock in at 6.87%, will remain higher for longer, experts say

The rate on the 30-year fixed mortgage increased to 6.87% from 6.74% the week prior, according to Freddie Mac. Rates tilted higher as inflation remained hotter than expected, leading to the Fed putting off any potential rate cuts until summer.

Demand for refinance had gained surprising momentum in the weeks leading up to March 8, with applications up 12%. The sudden jump in activity was due to a larger 24% increase in the government refinance index, the MBA noted, as homeowners who purchased at top rates last year were closely attuned to any opportunity to snatch a lower rate.

“Additional housing supply is helping to satisfy market demand,” said NAR Chief Economist Lawrence Yun. “Housing demand has been on a steady rise due to population and job growth, though the actual timing of purchases will be determined by prevailing mortgage rates and wider inventory choices.

Property Property Latest News, Property Property Headlines

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

NYC Inspectors Discover 87 Illegal Immigrants in a Queens Building BasementA neighbor called 311 due to the numerous e-bikes near her property. It worried her 'due to the recent fires that broke out due to defective lithium-ion batteries that garnered headlines.'
Source: LegInsurrection - 🏆 3. / 95 Read more »