Another Jump

Remember that game of chicken we talked about last week? Well, it seems like one major factor just balked. Mortgage rates took a sharp jump for the week ending Feb. 24 leaving the 30-year mortgage rate at 6.5% according to Freddie Mac. 

This jump represents an 18-base point increase week-over-week. One basis point is equal to one one-hundredth of a percentage point, meaning that last week rates were 6.32%. This is the highest rates have been in the new year, as they haven’t been this high since November 2022. 

By The Numbers

While Freddie Mac compiles their average rate data by combing through thousands and thousands of applications received by lenders across the country, other agencies might still have differing numbers. For example, separate data compiled by Mortgage News Daily shows some 30-year fixed-rates as high as 6.88%.

What this disparity means is that buyers have to be especially savvy. Shop around for the best rate because the first one you’re given might not actually be the best. In fact, homebuyers can often save what amounts to hundreds of dollars a month by shopping around for the absolute best mortgage interest rate.  

For help navigating the murky waters of the real estate industry, trust professionals like the agents and brokers at So Charm Realty. We are ready and willing to help you buy or sell!