Housing Market Update: Mortgage Rates Rise at the Worst Time

  • 📰 Newsweek
  • ⏱ Reading Time:
  • 23 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 52%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

Mortgage rates jumped for the week ending March 21, according to Freddie Mac.

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 468. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Housing Market Update: Mortgage Rates Keep Buyers at BayAn uptick in mortgage rates sparked a decline in home loans applications, lenders say.
Source: Newsweek - 🏆 468. / 52 Read more »

Housing Market Update: Are Sellers Returning to the Market?Listings jumped in February to their highest levels in more than a year, according to Redfin on Friday.
Source: Newsweek - 🏆 468. / 52 Read more »

Home Price Cuts Slow as Housing Market Takes a TurnHome builders appear to be feeling more confident about the housing market amid mortgage rate declines.
Source: Newsweek - 🏆 468. / 52 Read more »

Housing Market Update as Rental Prices DropRent prices are leveling off as the number of available apartments grows across the country.
Source: Newsweek - 🏆 468. / 52 Read more »