Mortgage rates moved higher again last week, pushing buyers back to the sidelines just as the spring housing market is supposed to be heating up.
This as the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 6.71% from 6.62%, with points increasing to 0.77 from 0.75 for loans with a 20% down payment. That is the highest rate since November of last year.
Mortgage rates have moved 50 basis points higher in just the past month. Last February, rates were in the 4% range. “Data on inflation, employment, and economic activity have signaled that inflation may not be cooling as quickly as anticipated, which continues to put upward pressure on rates,” said Joel Kan, an MBA economist.More from CNBC
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