US mortgage rates climbed amid the growth of prices and purchasing power weakening with the continued inflationary uptick, marking the first upward movement in three weeks. XHB is down 1.88%, while ITB is down 1.74%.
- The average rate for the 30-year loan grew to 3.85% from 3.76% in the past week, according to Freddie Mac.
- The housing market is set to enter its busiest season with a record-low supply of listing, likely to drive competition.
- The increase also comes ahead of the anticipated hike in the benchmark interest rates of the Federal Reserve, making borrowing more expensive.
- Mortgage rates are expected to climb even further in the long run, which uncertainties are likely in the market for the short term.
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