For the week ending March 9, 30-year rates rose to 6.73% from 6.65% the week before.

Strong words by Federal Reserve Chairman Powell in front of Congress kept upward pressure on mortgage rates as the jobs report approached. For the week ending March 9, 30-year rates rose to 6.73% from 6.65% the week before. In addition, 15-year loans increased to 5.95%. A year ago, 30-year fixed rates averaged 3.85%, more than 2.5% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “Mortgage rates continue their upward trajectory as the Federal Reserve signals a more aggressive stance on monetary policy. Overall, consumers are spending in sectors that are not interest rate sensitive, such as travel and dining out. However, rate-sensitive sectors, such as housing, continue to be adversely affected. As a result, would-be homebuyers continue to face the compounding challenges of affordability and low inventory.” Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices for Adjustable Rates
Updated March 10, 2023