Mortgage rates increased again, rising to a level not seen since before the pandemic.
The 30-year fixed-rate mortgage averaged 3.69% in the week ending February 10, up from 3.55% the week before, according to Freddie Mac. It's the highest since January 2020. "The normalization of the economy continues as mortgage rates jumped to the highest level since the emergence of the pandemic," said Sam Khater, Freddie Mac's chief economist.
Read More"The stronger-than-expected employment report for January, and rising inflation, which accelerated further in January, are keeping investors bullish on the economy," Ratiu said. But as rates have risen, he said, mortgage applications to purchase a home have declined in the last week, as many first-time buyers were priced out of the market.
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