Mortgage Rates rose once more final week, leaving them near 7% to start out the yr.
The common 30-year fixed-rate mortgage rose to six.91% within the week by Wednesday, up from 6.85% as of Dec. 26, in keeping with Freddie Mac data. 15-year mortgage charges jumped to six.13%, in comparison with 6% every week earlier.
“Mortgage charges rose to simply underneath 7%, their highest stage in practically six months,” Sam Khater, Freddie Mac’s chief economist, mentioned in a press release. “In comparison with the identical time final yr, charges are elevated and limitations to market affordability persist.”
That is the third straight week of price hikes and the very best stage since July.
Study extra: What determines mortgage rates? It’s complicated.
Elements akin to excessive charges and excessive actual property costs, which have priced many potential consumers out of the market, present no indicators of slowing down simply but. However there are indicators that some consumers are pursuing house purchases regardless of affordability issues: contract signings rose in November to its highest stage since early 2023, in keeping with the Nationwide Affiliation of Realtors.
Demand for mortgages within the ultimate week of 2024 fell sharply, a mixture of the sluggish vacation market and charges close to 7%, in keeping with the Mortgage Bankers Affiliation.
Requests to buy a brand new house fell 13% by Friday in comparison with two weeks earlier, whereas requests to refinance fell 36%. The outcomes embody an adjustment for the Christmas holidays.
Late December is often one of many slower seasonal durations for the actual property market, as consumers and sellers take a break amid the vacations and colder climate.
Claire Boston is a senior reporter for Yahoo Finance, overlaying housing, mortgages and residential insurance coverage.
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