>U.S Mortgage Rates Rise for a 6th Consecutive Week Mortgage rates were on the rise once more last week. The upward trend in rates and home prices is beginning to take effect on refinancing and demand.
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Mortgage rates were on the rise for a 6th consecutive week in the week ending 25th March. Following a 4-basis points rise from the week prior; 30-year fixed rates rose by a further 8 basis points to 3.17%.
Compared to this time last year, 30-year fixed rates were down by just 33 basis point
30-year fixed rates were still down by 177 basis points, however, since November 2018’s last peak of 4.94%.
Notably, it was just the fourth plus 3% week since July of last year and the highest rate since 10th June 2020, where 30-year fixed rates had stood at 3.21%.
This is bad news, I was just thinking of buying a house through a mortgage
Many economic factors influence the growth of the key mortgage rate. In such a period, people began to refrain from taking new mortgages. But there is a way out of this situation. I suggest contacting a mortgage counselor to help you get the best mortgage available. Read about do mortgage lenders take overtime into account, maybe it will help you. Wait for a period of declining interest rates and refinance your mortgage at a lower interest rate. It's a common practice for people who need a home in a hurry and doesn't have time to wait for a rate cut.