The 30-year mortgage rate is averaging at 7.09%, Freddie Mac said in its latest weekly survey on Thursday.
Mortgage rates increased for the fourth week in a row, as the U.S. economy continues to show signs of strength while inflation is only slowly subsiding.
Freddie Mac’s weekly report on mortgage rates is based on thousands of applications received from lenders across the country that are submitted to Freddie Mac when a borrower applies for a mortgage. What Freddie Mac said: “The economy continues to do better than expected and the 10-year Treasury yield has moved up, causing mortgage rates to climb,” Sam Khater, chief economist at Freddie Mac, said in a statement.“Demand has been impacted by affordability headwinds, but low inventory remains the root cause of stalling home sales,” Khater added.
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