Mortgage rates jump to nearly 4%
Mortgage rates increased again, rising to a level not seen since summer 2019.
The 30-year fixed-rate mortgage averaged 3.92% in the week ending February 17, up from 3.69% the week before, according to Freddie Mac. It has not been this high since May 2019 when it was at 3.99%.
Mortgage rates jumped again because of high inflation and stronger than expected consumer spending, said Sam Khater, Freddie Mac’s chief economist.
“As rates and house prices rise, affordability has become a substantial hurdle for potential homebuyers, especially as inflation threatens to place a strain on consumer budgets,” said Khater.
