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Jan 20, 2022
, Bloomberg News
(Bloomberg) -- Mortgage rates climbed for the fourth consecutive week, reaching the highest level since the start of the pandemic.
The average for a 30-year loan was 3.56%, up from 3.45% last week and the highest since mid-March 2020, Freddie Mac said in a statement Thursday.
Rates followed a recent jump in yields for 10-year Treasuries. Borrowing costs may continue to increase as the Federal Reserve eyes a rate hike to dampen surging inflation.
That could put the American dream of owning a home further out of reach for those already struggling to find affordable options. Rates plummeted to a record low roughly a year ago, and cheap borrowing costs have helped fuel a red-hot housing market that’s pumped up real estate prices.
“As a result of higher mortgage rates, purchase demand has modestly waned in advance of the spring homebuying season,” Sam Khater, Freddie Mac chief economist, said in a statement. “However, supply remains near historically tight levels and home prices remain high.”
©2022 Bloomberg L.P.
