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© Bloomberg. Housing in Mill Valley, California, US, on Thursday, May 11, 2023. Homes in neighborhoods of color are appraised at far less values than in White neighborhoods across every major US metro, according to data analysis provided exclusively to Bloomberg CityLab by University of Illinois Chicago sociologist Junia Howell, who has done extensive research on appraisals.
(Bloomberg) -- US mortgage rates increased for a third straight week, reaching the highest level since November.
The average for a 30-year, fixed loan climbed to 6.79%, up from 6.57% last week, Freddie Mac (OTC:FMCC) said in a statement Thursday.
While home sales have fallen dramatically from a year ago, buyers committed to the hunt are propping up demand. At the same time, current owners have been reluctant to list homes and give up low rates, creating a stark supply-demand imbalance in many markets. That’s helping to fuel an uptick in prices.
But demand could start to weaken if rates inch even closer to 7%, according to Sam Khater, Freddie Mac’s chief economist.
“Mortgage rates jumped this week, as a buoyant economy has prompted the market to price-in the likelihood of another Federal Reserve rate hike,” Khater said in the statement.
The recent rebound in home prices recently is being closely watched by economic policymakers. Federal Reserve Governor Michelle Bowman said this week that the “leveling out” in housing prices has implications for the central bank’s battle against inflation.
©2023 Bloomberg L.P.
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