Because of inflation concerns, mortgage rates jumped almost 40 basis points this week.
Freddie Mac said Thursday the 30-year fixed-rate mortgage average was up from last week to 6.63% with an average 0.6 point for the week ending July 24. Last week, the average was 6.26%, and the year-ago average was 6.69%."Market concerns about rising inflation, further weakness in the housing market and greater probability that the Federal Reserve will raise short-term rates this year all combined to push mortgage rates higher this week. Some of the key drivers to these concerns were consumer prices jumping 1.1% (annualized) in June - the largest increase since September 2005 on a year-over-year basis - coupled with consumer prices growing at a 5% clip (on a year-over-year basis), the strongest since February 1991," said Frank Nothaft, Freddie Mac's chief economist, said in a statement.
This makes housing less affordable everywhere, including Maui real estate.
For more information on how this may effect Maui, please Contact Us.
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