Tag Archives: U.S. Department of Labor (DOL)

Nearing levels last recorded in November 2022, Freddie Mac reports the fixed-rate mortgage rose 15 basis points week-over-week and edged closer to the 7%-mark.

The 2023 mortgage market began on a positive note, as Freddie Mac reported a week-over-week slide in mortgage rates leading to an uptick in refinance apps.

Mortgage rates exceeding the 7% mark have driven overall mortgage app volume down, with refi apps continuing to run more than 80% below last year’s pace.

The last time mortgage rates hovered near the 7% range was two decades ago, as continued Fed actions to ease inflation have forced the fixed-rate mortgage to 20-year highs.

As the Federal Reserve issues another rate hike to tame high-riding inflation, Freddie Mac reported the fixed-rate mortgage climbed 27-basis points over last week, rising to levels last seen in 2008.

Rates fell week-over-week as the Russian-Ukrainian crisis has brought with it uncertainty in the housing finance sector.

Mortgage rates have soared to levels last seen prior to the pandemic, as high inflation and strong consumer spending contributed to this upward rate drive.

Mortgage rates inched higher, as the nation’s economy and employment landscape continue to show solid gains.

Mortgage rates have begun to plateau, with a spike in home buyer demand due to the continued lack of supply and elevation in prices.

After weeks of hovering just above the 3% mark, mortgage rates changed course for the second straight week, reaching highs last seen prior to the pandemic.