“Potential homebuyers are poised for a more affordable spring homebuying season than last with the market experiencing improvements in purchase applications and pending home sales,” said Sam Khater, Freddie Mac chief economist.
Freddie Mac’s survey, which tracked conventional, conforming, fully amortizing loans for borrowers with excellent credit putting 20% down, also showed the average 15-year fixed rate at 5.54%, up from 5.50% a week earlier.
Geopolitics pushed up oil and yields
The Iran war disrupted energy supplies and pushed oil prices sharply higher, with Brent crude climbing well above $100 a barrel. That fueled expectations of renewed inflation and fewer near-term Federal Reserve rate cuts.
Treasury yields rose in response, with the 10-year note climbing to 4.27% at midday Thursday, up from around 4.13% a week earlier.
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