Mortgage Rates on the Rise for Second Consecutive Week
Although fixed-rate mortgage rates remain at historic lows, Freddie Mac revealed on Thursday that they have risen for the second consecutive week.
According to the organization’s Primary Mortgage Market Survey, 30-year fixed rate mortgages averaged 3.76 percent this week, up an average of 0.6 points from last week.
“Mortgage rates rose for the second consecutive week as 10-year Treasury yields surged,” said Len Kiefer, deputy chief economist for Freddie Mac. “Housing starts declined 2 percent to a seasonally adjusted pace of 1.065 million units and housing permits dipped 0.7 percent in January. However, homebuilders remain confident about new home sales although slightly tempered from last month as the NAHB Housing Market Index slipped 2 points to 55 in February.”
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