Mortgage rates for 30-year fixed loans rose to 6.65% as of March 13, 2023, due to economic uncertainties driven by President Trump's tariff policies. This marks a slight increase after seven weeks of reduction. Sam Khater from Freddie Mac mentioned that although there's market volatility, mortgage rates are low compared to previous months, encouraging a rise in purchase applications. The conflicting investor fears of inflation from tariffs and a potential recession keep rates relatively stable.
"Despite volatility in the markets, the 30-year fixed-rate mortgage remained essentially flat from last week," said Sam Khater, Freddie Mac's chief economist.
Khater said purchase applications were up 5% this week compared with a year ago, as modestly lower rates and dramatically improving inventory drew more house hunters into the market at the start of the crucial spring homebuying season.
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