Mortgage rates continued to rise amid fears of inflation and geopolitical uncertainty. The 30-year fixed-rate mortgage averaged 4.42% in the week ending March 24, up from 4.16% the week before, according to Freddie Mac.
The 30-year fixed-rate mortgage increased by more than a quarter of a percentage point as mortgage rates across all loan types continued to move up, said Sam Khater, Freddie Mac's chief economist.
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"Rising inflation, escalating geopolitical uncertainty and the Federal Reserve's actions are driving rates higher and weakening consumers' purchasing power," said Khater. "In short, 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."
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