Washington, DC CNN —Mortgage rates climbed for the third week in a row, inching closer to 7%.
Mortgage rates have been making smaller moves over the past two months, after coming down from last year’s high, 7.79%, reached in October.
Historically, Khater said, the mix of a strong economy and higher rates didn’t meaningfully impact the housing market.
“In essence, Federal Reserve officials are seeking more concrete evidence of sustained improvement in inflation before making any changes,” she said.
“The recent increase in mortgage rates has the potential to slow the market by disrupting the plans of many buyers, especially in a market where a significant number of consumers are anticipating lower mortgage rates, not higher,” said Xu.
Persons:
Freddie Mac, who’ve, “, ”, Sam Khater, Freddie Mac’s, Khater, Jiayi Xu, Powell’s, Xu
Organizations:
DC CNN —, Federal Reserve, Realtor.com, Federal, Mortgage, Association
Locations:
Washington