Mortgage rates strongly increased above 3% in the week ending November 18, according to the latest Freddie Mac PMMS mortgage report.
The 30-year fixed-rate mortgage hit 3.10%, up 12 basis points from 2.98% the week prior. A year ago at this time, the average 30-year fixed-rate loan averaged just 2.72%.
Sam Khater, Freddie Mac’s chief economist, said the combination of rising inflation and consumer spending is driving mortgage rates higher. “Shoppers looking to buy a home are fueling strong demand while ongoing inventory shortages are not improving in the presence of higher home,” he said in a statement.
The survey focuses on details ⇒
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