Housing Market Update: Mortgage Rates Rise at the Worst Time

Mortgage rates again jumped closer to 7 percent over the last week upon the arrival of spring, which is generally the time of year when the housing market begins to percolate.The 30-year fixed rate averaged 6.87 percent as of March 21, up from the previous week's 6.74 percent.'After decreasing for a couple of weeks, mortgage rates are once again on the upswing,' Sam Khater, Freddie Mac's chief economist, said in a statement.

'After three weeks of declines, mortgage rates jumped to almost 7 percent last week as recent economic data continues to put upward pressure on rates, thus slowing borrower demand,' Mortgage Bankers Association's President and CEO Bob Broeksmit said in a statement shared with Newsweek on Thursday. 'As a result, mortgage applications declined slightly over the week, with purchase and refinance activity both posting declines.

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