U.S. mortgage rates rose for the fourth week in a row to a two-month high, in a major blow to housing affordability.<\/p>\n
The 30-year fixed-rate mortgage rose and averaged 6.94% as of February 29, according to data<\/a> released by Freddie Mac It\u2019s up 4 basis points from the previous week \u2014 one basis point is equal to one hundredth of a percentage point.\u00a0<\/p>\n A year ago, the 30-year was averaging at 6.65%.<\/p>\n The average rate on the 15-year mortgage was 6.26%, down from 6.29% last week. The 15-year was at 5.89% a year ago.<\/p>\n Freddie Mac\u2019s 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.\u00a0<\/p>\n Separate data by Mortgage News Daily<\/a> said that the 30-year fixed-rate mortgage was averaging at 7.15% as of Thursday afternoon. The Mortgage Bankers Association\u2019s survey<\/a> noted that the 30-year was at 7.04% as of February 23.<\/p>\n What Freddie Mac said: <\/strong>\u201cThe recent boomerang in rates has dampened already tentative homebuyer momentum as we approach the spring, a historically busy season for homebuying,\u201d Sam Khater, chief economist at Freddie Mac, said in a statement.<\/p>\n \u201cWhile sales of newly built homes are trending in a positive direction, higher rates and elevated prices continue to pose affordability challenges that may leave potential homebuyers on the sidelines,\u201d he added.<\/p>\n What are they saying?<\/strong> \u201cHigher than anticipated inflation and jobs data are keeping upward pressure on mortgage rates,\u201d Bob Broeksmit, president and CEO of the Mortgage Bankers Association, said in a statement. <\/p>\n \u201cAnd an insufficient volume of existing homes for sale in many markets is making it even more difficult for many aspiring buyers to get in the market,\u201d he added. <\/p>\n<\/p><\/div>\n<\/div>\n
\n FMCC,
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\n on Thursday.\u00a0<\/p>\n