{"id":17131,"date":"2023-06-02T06:11:49","date_gmt":"2023-06-02T10:11:49","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/mortgage-rates-jump-to-6-79-highest-since-november\/"},"modified":"2023-06-02T06:11:51","modified_gmt":"2023-06-02T10:11:51","slug":"mortgage-rates-jump-to-6-79-highest-since-november","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=17131","title":{"rendered":"Mortgage Rates Jump to 6.79%, Highest Since November"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000660723\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:66.66666666666666%;\" data-subtype=\"photo\" class=\"image-container  responsive-media article__inset__image__image\"><\/div>\n<\/figure><\/div>\n<p>Mortgage rates soared to their highest level since November, as the markets try to gauge if the Federal Reserve plans another hike in interest rates.<\/p>\n<p>The average rate on a 30-year fixed-rate mortgage was 6.79% as of Thursday, according to<br \/>\n        Freddie Mac<br \/>\n      \u2018s primary mortgage market survey. The gain represents an increase of 0.22 percentage point from the week prior, and is the highest weekly rate since Nov. 10, when the average rate was above 7%. Rates measured by the survey fell as low as 6.09% in February\u00a0before climbing higher on bank sector uncertainty.<\/p>\n<div class=\"paywall\">\n<p>\u201cMortgage rates jumped this week, as a buoyant economy has prompted the market to price-in the likelihood of another Federal Reserve rate hike,\u201d Sam Khater, Freddie Mac\u2019s chief economist, said in a statement. \u201cAlthough there has been a steady flow of purchase demand around rates in the low to mid six percent range, that demand is likely to weaken as rates approach seven percent.\u201d<\/p>\n<p>Mortgage rates have fluctuated in recent weeks as markets have tried to anticipate the Federal Reserve\u2019s next move. Expectations of another rate hike resulted in higher mortgage rates last week, cutting into loan application volume, the Mortgage Bankers Association said Wednesday. <\/p>\n<p>\u201cInflation is still running too high, and recent economic data is beginning to convince investors that the Federal Reserve will not be cutting rates anytime soon,\u201d Mike Fratantoni, the trade group\u2019s chief economist, said in a statement. \u201cMortgage rates for conforming balance 30-year loans were being quoted above 7 percent by some lenders last week.\u201d<\/p>\n<p>As rates moved higher, home buyer demand dropped. The association\u2019s measure of purchase applications fell a seasonally-adjusted 3% from one week prior, and was 31% lower than a year ago on an unadjusted basis. \u201cWhile refinance demand is almost entirely driven by the level of rates, purchase volume continues to be constrained by the lack of homes on the market,\u201d Fratantoni said. <\/p>\n<p>Mortgage rates climbed sharply in 2022. The average 30-year fixed-rate mortgage peaked at 7.08% in October and November before falling back in the first quarter of 2023, according to Freddie Mac\u2019s data. Rates measured by the survey fell as low as 6.09% in February. <\/p>\n<p>While this week\u2019s rate was higher than last week\u2019s, one more frequent measure of mortgage rates shows that daily rates have retreated some since peaking late last week. Mortgage News Daily\u2019s survey results through Wednesday show that the 30-year fixed rate climbed through much of last week, reaching 7.14% on Friday, before falling to 6.88% as of yesterday.\u00a0<\/p>\n<p>Write to Shaina Mishkin at shaina.mishkin@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/mortgage-rates-jump-to-6-79-highest-since-november-all-eyes-are-on-another-fed-hike-cd11877a?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mortgage rates soared to their highest level since November, as the markets try to gauge if the Federal Reserve plans another hike in interest rates. The average rate on a 30-year fixed-rate mortgage was 6.79% as of Thursday, according to Freddie Mac \u2018s primary mortgage market survey. The gain represents an increase of 0.22 percentage [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17132,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-17131","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Mortgage Rates Jump to 6.79%, Highest Since November | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Mortgage rates soared to their highest level since November, as the markets try to gauge if the Federal Reserve plans another hike in interest rates. 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