Mortgage rates stuck near 7%, but buyers still active

The
15-year
FRM
averaged
6.06%
this
week,
down
from
6.11%
the
prior
week.
A
year
ago,
the
15-year
rate
stood
at
5.64%.

“This
week’s
rise
in
mortgage
rates
can’t
be
attributed
to
one
or
two
data
points,”
said
Holden
Lewis,
NerdWallet’s
home
and
mortgage
expert.
“The
increase
is
brought
on
by
a
general
feeling
that
the
economy
is
more
resilient
than
expected.
After
11

Fed
rate
hikes,
companies
are
still
hiring,
and
inflation
is
sticking
around.
Consequently,
mortgage
rates
keep
hovering
around
7%.”

Mortgage
lock
volume
growth

Despite
the
challenges
posed
by
higher
rates,
mortgage
lock
volume
–
an
indicator
of
home
purchase
activity
–
continued
rising
in
March,
up
15.36%
from
the
prior
month,
according
to
the
latest

MCT
Indices
Report.

Andrew
Rhodes,
head
of
trading
at
MCT,
commented:
“Even
amid
the
challenges
posed
by
higher
rates,
we
continue
to
witness
incremental
increases
in
lock
volume.
Market
expectations
indicate
a
50%
chance
for
a
rate
cut
in
June.
However,
robust
economic
data
in
the
coming
months
may
delay
rate
cuts
until
July
or
September,
potentially
resulting
in
sideways
or
even
lower
production.”