Mortgage rates accelerated following last week’s Federal Reserve meeting, with the 30-year average now at its highest in over three years, according to Freddie Mac.
The 30-year fixed-rate mortgage average came in at 4.42% for the weekly period ending March 24, based on data from Freddie Mac’s Primary Mortgage Market Survey, a spike of 26 basis points from 4.16%
“Rising inflation, escalating geopolitical uncertainty and the Federal Reserve’s actions are driving rates higher and weakening consumers’ purchasing power,” said Sam Khater, Freddie Mac’s chief economist, in a press release.
At the March 15-16 Federal Open Market Committee meeting, the Fed increased the
Along with concerns over the Russia-Ukraine War and
“Investors will be focused on any clues from the Fed regarding the magnitude of future rate increases and the pace of
The swift upward rise in rates, with the 30-year average now up from 3.11% at the end of 2021, is leaving a mark on the
“The rise in mortgage rates, combined with continued house price appreciation, is increasing monthly mortgage payments and quickly affecting homebuyers’ ability to keep up with the market,” he said.
Other types of mortgage rates also increased by double-digit basis points over the past week. The 15-year fixed rate jumped to 3.63%, a 24-basis-point hike from 3.39% a week earlier. In the same week last year, the 15-year average came in at 2.45%.
Meanwhile, the 5-year Treasury-indexed hybrid adjustable-rate mortgage climbed 17 basis points to 3.36% from 3.19% the prior week, and stood at 2.84% one year ago.