Mortgage rates climbed for the fourth consecutive week, according to the Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.94% as of Feb. 29, up from last week when it averaged 6.90%. A year ago at this time, it averaged 6.65%.
The 15-year fixed-rate mortgage averaged 6.26%, down from last week when it averaged 6.29%. A year ago at this time, it averaged 5.89%.
“Mortgage rates continued their ascent this week, reaching a two-month high and flirting with 7% yet again,” said Sam Khater, Freddie Mac’s chief economist. “The recent boomerang in rates has dampened already tentative homebuyer momentum as we approach the spring, a historically busy season for homebuying. While sales of newly built homes are trending in a positive direction, higher rates and elevated prices continue to pose affordability challenges that may leave potential homebuyers on the sidelines.”
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