US Mortgage Rates Up for First Time in Three Weeks

Source: Bloomberg

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.