Mortgage rate for 30-year loans climbs again

But homebuyers are "getting used" to current rates, says Freddie Mac

Mortgage rate for 30-year loans climbs again

The benchmark 30-year mortgage rate climbed four basis points this week, Freddie Mac reported Thursday.

The average 30-year fixed-rate mortgage increased to 6.39% from 6.35%, the results of Freddie’s Primary Mortgage Market Survey showed. Meanwhile, the 15-year fixed mortgage rate held steady at 5.75%.

Freddie Mac chief economist Sam Khater said the uptick was due to “economic crosscurrents [that] have kept rates within a ten-basis point range over the last several weeks.”

“After the substantial slowdown in growth last fall, home prices stabilized during the winter and began to modestly rise over the last few months,” Khater added. “This indicates that while affordability remains a hurdle, homebuyers are getting used to current rates and continue to pursue homeownership.”

According to CoreLogic, US home price growth slumped to its lowest level in over a decade, down to 3.1% in March.

“While the lack of affordability generally weighs on home price growth, mobility resulting from remote working conditions appears to be a current driver of home prices in some areas of the country,” said CoreLogic chief economist Selma Hepp.

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