Mortgage rates just went up again: Latest numbers

In consumer news this morning, mortgage rates have gone up for the third week in a row, which makes it more expensive to finance a home the average 30 year fixed rate surging back to 6.5% and you got a feel for any potential buyers right now. These are rates that will give you a little whiplash. They eclipsed 7% in November, started trending downward and they now heading up again. The Federal Reserve continues raising the benchmark rate which affects that mortgage rate in smaller increments though than we saw last year. Now mortgage rates are not directly tied to the feds moves, but are certainly heavily influenced by it. And home development has slowed down in some neighborhoods, according to our partners at the Dallas Business Journal who say permits for single family home construction in January took a nosedive in some DFW suburbs dropping by 65% McKinney, 64% Frisco, 63% in Prosper compared to January numbers and those could spell a slow start for this year.

Probably a slow construction year throughout with those high mortgage rates, certainly affecting things Carol.

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