Mortgage rates surged this week with homebuyers retreating from the housing market — taking with them hopes of the Fed cutting rates by the spring buying season as inflation remains higher than expected.
The average mortgage rate for a 30-year fixed loan surged past 7% from 6.97% a week prior and peaked at 7.13% on Feb. 13, according to the Mortgage News Daily index. Rates have been increasing over the last seven days, settling at 7.03% on Thursday.
A separate tracker showed a similar week-over-week rise in borrowing costs, with the average 30-year mortgage rate climbing to 6.77% from 6.64% a week prior, according to Freddie Mac’s latest release.
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