LOS ANGELES — The average long-term U.S. mortgage rate rose modestly this week, holding below 7% as it has for much of this year.
Rates have been drifting higher and lower in recent weeks, often from one week to the next. The average rate for the benchmark 30-year mortgage is now just below where it was two weeks ago.After climbing to a 23-year high of 7.79% in October, the average rate on a 30-year mortgage has remained below 7% since early December, though it also hasn't gone below the 6.6% it averaged in January.
“While incoming economic signals indicate lower rates of inflation, we do not expect rates will decrease meaningfully in the near-term,” said Sam Khater, Freddie Mac’s chief economist. Active listings -- a tally that encompasses all the homes on the market but excludes those pending a finalized sale -- jumped nearly 24% in March from a year earlier, according to Realtor.com. That marks the fifth consecutive month of annual inventory growth.