Mortgage Rates Continue to Climb Through Busy Home Buying Season
4 hr 38 min ago
Mortgage rates moved higher for the fifth straight week, coming in the middle of an important buying season for the housing market.
According to data from Freddie Mac, the 30-year, fixed-rate mortgage moved up to 7.22%. The rise in home borrowing costs comes amid the spring homebuying season, the period between March and June when more than one-third of home sales occur, said Sam Khater, Freddie Mac’s chief economist.
“With two months left of this historically busy period, potential homebuyers will likely not see relief from rising rates anytime soon,” Khater said.
Mortgage rates have been on the rise in 2024. While there has been some evidence that the higher rates are hurting demand in the mortgage industry, there is evidence that some homebuyers are adjusting their expectations amid…
