Average 30-Year Mortgage Rate Rises to 6.94%
That’s up from 6.90% last week, marking the 4th straight weekly increase. Rates have been creeping higher as reports show stronger-than-expected inflation.
Pending Home Sales Receded 4.9% in January
NAR: Pending sales were down 8.8% year-over-year. Chief Economist Yun noted that “consumers are showing extra sensitivity to changes in mortgage rates.”
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