After falling for three consecutive weeks, purchase mortgage rates jumped 14 basis points, reflecting the expectation that the Federal Reserve (The Fed) will maintain its tightening monetary policy to fight inflationary pressures.
According to the latest Freddie Mac PMMS, purchase mortgage rates this week averaged 5.23%, compared to 5.09% the week prior. A year ago at this time, 30-year fixed rate purchase rates were at 2.96%.
The government-sponsored enterprise index accounts solely for purchase mortgages reported by lenders during the past three days.
“After little movement the last few weeks, mortgage rates rose again on the back of increased economic activity and incoming inflation data,” details ⇒
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