Following a trend that shouldn’t catch any plugged-in readers by surprise, the average rate for a benchmark 30 year mortgage ticked up another 6 basis points (0.06 percentage points) over the past week to 6.88 percent, which is 61 basis points higher than at the same time last year but 85 basis points below its long-term average of 7.73 percent, with the average rate for a 30-year Jumbo having ticked back up to 7.13 percent and expectations for the Fed’s rate cuts over the next eight months having dropped, as we first outlined last month.
At the same time, the number of homes for sale in San Francisco (a.k.a. inventory) continues to tick up from a 13-year seasonal high and average asking prices ticking down (versus rebounding or pivoting up). We’ll keep you posted and plugged-in.
UPDATE: Benchmark Mortgage Rate Back Above 7 Percent