Mortgage rates jump again amid housing market slowdown

Mortgage rates rose again this week, continuing their upward march and contributing further to plummeting demand in the housing market as more would-be buyers retreat. Freddie Mac's latest Primary Mortgage Market Survey released Thursday shows the average rate for the benchmark 30-year fixed-rate mortgage jumped to 7.49%, up from 7.31% last week and from 6.66% a year ago. The rate for a 15-year mortgage also climbed, averaging 6.78% after coming in last week at 6.72%. One year ago, the rate on a 15-year fixed note averaged 5.9%. "Mortgage rates maintained their upward trajectory as the 10-year Treasury yield, a key benchmark, climbed," Freddie Mac chief economist Sam Khater said in a statement . "Several factors, including shifts in inflation, the job market and uncertainty around the Federal Reserve’s next move, are contributing to the highest mortgage rates in a generation. Unsurprisingly, this is pulling back homebuyer demand." To continue reading the rest of the article, please click on the source link below: https://finance.yahoo.com/news/mortgage-rates-jump-again-amid-185954586.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAHs_YsTErXSzkCSHFXlxI8st1XUrAj7YC0sAujvTVMbRUt0Yig9_2vM8ScgTKn8G6afHzmgBV9fweXqT6VFLpK_o75lblRLEPTHdcBaPzpTx15BSFVR1mkmueViKCgl1z0fNs9JFia2jhr5j0x_I7CW4Zu2-mYTzeWmd50W4WyKj