Mortgage rates hit a new high this week, but the slow crawl to 7% has not dampened home building or the expectation that borrowing costs will fall this year, according to Freddie Mac. The average 30-year fixed-rate mortgage was 6.82% for the week ending March 21, according to Freddie Mac's latest Primary Mortgage Market Survey. That's an increase from the previous week when it averaged 6.74%. A year ago, the 30-year fixed-rate mortgage averaged 6.42%.
New home construction is bouncing back just in time for the spring homebuying season. In February, housing starts climbed 5.9% year-over-year and home completions were 10.7% higher annually, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, signaling potentially more home options in coming months. Overall, housing supply has improved, as the number of homes for sale increased by 14.
new initiative recently launched by President Joe Biden to improve affordability and supply issues could help increase demand for housing in the current high-rate environment. Biden has called on Congress to invest more than $175 billion in affordable housing initiatives, according to a White House statement.
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