“Sam Khater, the Chief Economist at Freddie Mac, reported that the 30-year fixed-rate mortgage (FRM) has climbed over 7 percent for the first time this year, reaching 7.10 percent up from 6.88 percent just last week. With the increasing rates, potential homebuyers are now faced with the decision to purchase now before further hikes or to wait for possible rate declines later in the year. Despite a slight uptick in purchase applications last week, it’s still uncertain how many buyers will be able to manage if rates continue to climb,” Khater explained.
Key Updates:
- ⦁ As of April 18, 2024, the average rate for a 30-year FRM was 7.10 percent, a jump from 6.88 percent the previous week, and up from 6.39 percent a year earlier.
- ⦁ The 15-year FRM now averages 6.39 percent, increasing from 6.16 percent last week and 5.76 percent from the same period last year.
For more information, read the original press release from: https://freddiemac.gcs-web.com/news-releases/news-release-details/mortgage-rates-exceed-7-percent-first-time-year