{"id":23596,"date":"2024-05-13T14:12:22","date_gmt":"2024-05-13T14:12:22","guid":{"rendered":"https:\/\/www.anthonydidonato.net\/wordpress\/?p=23596"},"modified":"2024-05-13T14:12:23","modified_gmt":"2024-05-13T14:12:23","slug":"mortgage-rates-continue-to-climb-2","status":"publish","type":"post","link":"http:\/\/www.anthonydidonato.net\/wordpress\/mortgage-rates-continue-to-climb-2\/","title":{"rendered":"Mortgage Rates Continue to Climb"},"content":{"rendered":"\n

As mortgage rates rise, levels below 4% for the most popular 30-year fixed-rate mortgage are likely to remain in the rearview mirror. The 30-year fixed-rate mortgage averaged 4.16% this week, Freddie Mac reports.<\/p>\n\n\n\n

\u201cThe 30-year fixed-rate mortgage exceeded 4% for the first time since May of 2019,\u201d says Sam Khater, Freddie Mac\u2019s chief economist. \u201cThe Federal Reserve raising short-term rates and signaling further increases means mortgage rates should continue to rise over the course of the year. While home purchase demand has moderated, it remains competitive due to low existing inventory, suggesting high house price pressures will continue during the spring homebuying season.\u201d<\/p>\n\n\n\n

Higher mortgage rates are likely to affect many aspiring home buyers, especially first-timers, says Nadia Evangelou, NAR\u2019s senior economist and director of forecasting, on the association\u2019s blog. Since the beginning of this year, nearly 6.3 million households have been priced out of the housing market, 2 million of whom are millennials.<\/p>\n\n\n\n

Freddie Mac reports the following national averages with mortgage rates for the week ending March 17:<\/p>\n\n\n\n