DFW housing and macro econ analyst Amy Nixon explains what the spike in mortgage rates means for the housing market on Making Money.
Mortgage rates climbed again this week, exacerbating the home affordability crisis that is stifling the housing market.
A recently sold home in the Issaquah Highlands area of Issaquah, Washington, on April 16, 2024. (David Ryder/Bloomberg via Getty Images / Getty Images)
Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage jumped to 7.22% this week from 7.17% last week. The average rate on a 30-year loan was 6.39% a year ago.
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The average rate on the 15-year fixed mortgage rose to 6.47% from 6.44% last week. One year ago, the rate on the 15-year fixed note averaged 5.76%.