The average on the 30-year fixed is now around 4.25%, a full percentage point higher than it was one year ago.
"Last week's data indicates that homebuying competition is picking up as we move closer to the market's busiest season. National listing prices, which hit a new all-time high in February, continued to accelerate at a double-digit annual pace," said Danielle Hale, chief economist at Realtor.com.The war-induced drop in U.S. mortgage rates was short-lived. Rates popped up again this week to the highest level in nearly two years.
The crisis roiled global financial markets and sent investors to the relative safety of the bond market. Mortgage rates follow loosely the yield on the 10-year Treasury. "Over the long-term, we expect rates to continue to rise as inflation broadens and shortages increasingly impact many segments of the economy. However, uncertainty about the war in Ukraine is driving rate volatility that likely will continue in the short-term," said Sam Khater, chief economist at Freddie Mac in a release Thursday."Last week's data indicates that homebuying competition is picking up as we move closer to the market's busiest season.
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