General World News

Mortgage rates jump to 3.17% last week

The broader economy showed signs of recovery last week, pushing the average mortgage rate for a 30-year fixed loan up eight basis points to 3.17%, according to Freddie Mac’s Primary Mortgage Market Survey

Since January, mortgage rates have increased roughly 50 basis points from historic lows and home prices have risen, leaving would-be homebuyers with less purchasing power. Unfortunately, this disproportionately affected the low end of the market, where supply is the slimmest, said Sam Khater, Freddie Mac’s chief economist.

“During the course of the pandemic, ‘home’ had become more important than ever, and as a result, strong details ⇒

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