The 30-year fixed-rate mortgage averaged 6.73% as of March 9, according to data released by Freddie Mac on Thursday.
That’s up 8 basis points from the previous week. One basis point is equal to one hundredth of a percentage point.The average rate on the 15-year mortgage rose to 5.95%, up from 5.89% the previous week. A year ago, the 15-year was at 3.09%. Separate data from Mortgage News Daily said that the 30-year fixed-rate mortgage was averaging 6.94% as of Thursday morning.
“Would-be homebuyers continue to face the compounding challenges of affordability and low inventory,” he added.
As the housing market goes down the drain.
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