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Data released Thursday by Freddie Mac show the average 30-year fixed-rate mortgage increased this week for the seventh week in a row, rising to 5.11% with an average 0.8 point. (A point is a fee paid to a lender equal to 1% of the loan amount. It is in addition to the interest rate.)
U.S. housing sales are heating up again this spring, but the highest mortgage rates in more than a decade threaten to cool the sales pace that has gripped the market for nearly two years.
Mortgage rates continued to rise this week, topping 4.08%, but Russia’s invasion of Ukraine could lead to more volatility in the market.
Due to the rollback in stimulus and uncertainties related to other mortgage policy measures and rates, servicers are moving into uncharted waters, according to a Fannie Mae economist.
There appears to be no quick reprieve coming for rising prices: “It’s not a bubble, it really is about the fundamentals.”