NLY - Mortgage rates skyrocket to 9-month high levels

"During the course of the pandemic, ‘home’ has become more important than ever. As a result, strong purchase demand continues—but buyers also outnumber the sellers," Freddie Mac’s Chief Economist Sam Khater commented.30-year fixed-rate mortgage averages 3.17% for the week ending Mar.25, significantly higher from 3.09% recorded in prior week and down from 3.50% averaged in same period a year ago, according to the Freddie Mac Primary Mortgage Survey."Since January, mortgage rates have increased half a percentage point from historic lows and home prices have risen, leaving potential homebuyers with less purchasing power. Unfortunately, this has disproportionately affected the low end of the market, where supply is the slimmest," Khater added.15-year FRM averages 2.45% vs. 2.40% a week ago and 2.92% a year ago.5-year Treasury-indexed hybrid adjustable rate mortgage average 2.84%, up from 2.79% a week ago, and down from 3.34% a year ago.Quick look at the performance of Homebuilder stocks -

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Mortgage rates skyrocket to 9-month high levels