Mortgage rates hit their highest levels in 20 years this week with the 30-year fixed-rate mortgage averaging near 6.92 percent—up from 6.66 percent the week prior, according to Freddie Mac’s Primary Mortgage Market Survey.
It’s the highest average rate since April 2002. The 30-year fixed rate stood at about 3.05 percent one year ago.
“We continue to see a tale of two economies in the data,” Sam Khater, Freddie Mac’s chief economist, said in a report. “Strong job and wage growth are keeping consumers’ balance sheets positive, while lingering inflation, recession fears, and housing affordability are driving housing demand down precipitously.”
The report said the 15-year fixed-rate mortgage averaged about 6.09 percent, up from 5.90 percent a week ago. A year ago around this time, the 15-year rate averaged 2.30 percent, Freddie Mac stated….