Average US mortgage up for fifth straight week to 6.73%

By M ATT O TT Associated Press

THE AVERAGE long-term U.S. mortgage rate rose for the fifth straight week to its highest level since breaching 7% in November, just as the spring buying season gets ready to kick off.

Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30year rate climbed to 6.73% from 6.65% last week. The average rate a year ago was 3.85%.

The average long-term rate hit 7.08% in the fall — a two-decade high — as the Federal Reserve continued to raise its key lending rate in a bid to cool the economy and quash persistent, four-decade high inflation.

At its first meeting of 2023 in February, the Fed raised its benchmark lending rate by another 25 basis points, its eighth increase in less than a year. That pushed the central bank’s key rate to a range of 4.5% to 4.75%, its highest level in 15 years. Many economists expect at least three more increases before the end of the year.

In remarks to a Senate committee earlier this week, Fed Chair Jerome Powell appeared to imply that the Fed would return to larger rates hikes at its next meeting March 21-22. That sent markets tumbling on Tuesday, but Powell seemed to soften his stance on Wednesday during his appearance before the House, saying that Fed policymakers have yet to decide how large an interest rate hike to impose at its meeting in two weeks as it tries to corral high inflation.

While the Fed’s rate hikes do impact borrowing rates across the board for businesses and families, rates on 30-year mortgages usually track the moves in the 10-year Treasury yield, which lenders use as a

Deeds

Agawam

Andrey Kaletin and Svetlana Kaletina to Ryan Hayward and Wendy Hayward, 33 Perry Lane, $535,000.

Christopher Nascembeni to Michelle Marie Macklin, 19 Meadowbrook Road, $530,000.

guide to pricing loans. Investors’ expectations for future inflation, global demand for U.S. Treasurys and what the Federal Reserve does with interest rates can also influence the cost of borrowing for a home.

Before falling back under 5% Thursday, the 10-year yield jumped to 5.07% earlier this week, its highest level since 2007.

The big rise in mortgage rates during the past year has hit the housing market hardest, with sales of existing homes falling for 12 straight months to the slowest pace in more than a dozen years. January’s sales cratered by nearly 37% from a year earlier, the National Association of Realtors reported last month.

For all of 2022, NAR reported last month that existing U.S. home sales fell 17.8% from 2021, the weakest year for home sales since 2014 and the biggest annual decline since the housing crisis began in 2008.

Higher rates can add hundreds of a dollars a month in costs for homebuyers, on top of already high home prices.

The rate for a 15-year mortgage, popular with those refinancing their homes, rose this week to to 5.95% from 5.89% last week. It was 3.09% one year ago.

Debra A. Ceccarini to Melissa Surprise, 47 Howard St., $227,500.

Joseph F. Dempsey and Susan M. Dempsey to 62 Ramah Circle LLC, 62 Ramah Circle North, $650,000.

Joseph S. Schlaffer and Katherine M. Schlaffer to Asila LLC, 192 Shoemaker Lane, $460,000.

Meghan K. Colantonio, representative, Nancy Comery Kelly,estate, and Nancy C. Kelly, estate, to Kelly S. Nouwen, 42 South Brooke Lane, $405,000.

Amherst

Cynthia A. Peters, personal representative, Walter Joseph Wolnik, estate, and Walter J. Wolnik, estate, to Justin C. Ching, 8 Hillcrest Place, $475,000.

Belchertown

MaryEllen O’Reilly-Bracey and Orin L. Bracey Jr., to Troy M. McLaughlin and Kelly A. McLaughlin, Munsell Street, $10,000.

Carol A. Griffeth to Garrett Richard Demers and Josefina Hardman, 212 Rockrimmon St., $339,000.

Mary Rachel Kosiorek, Mary Rachel Kosiorek, trustee, and Mary Rachel Kosiorek Trust to David Edward Kosiorek, Kenneth Joseph Kosiorek, Edward Joseph Kosiorek, Linda Marie Stopa, Gail Ann

Kosiorek, Diane Lynn Woods, Richard Joseph Kosiorek, Mark Anthony Kosiorek and Carole Ann Kosiorek, 131 Metacomet St., $100.

Robert B. Hutchinson to Laliberte Home Builders Inc., Sabin Street, $65,000.

Dana M. Spice and Leny Jo Captein to Leny Jo Captein, trustee, Dana M. Spice, trustee, Leny Jo Captein Trust and Dana M. Spice Trust, 14 Rimrock Drive, $100.

Chesterfield

Charlotte Summers to Matthew C. Pittenger and Julia R. Krasney, 1 River Road, $429,000.

Chicopee

Carolyn Swenson, representative, Lauria A. Gouin, estate, Gerald Gouin and Darlene J. Proulx to Richard Dunn and Judith Dunn, 78 Skeele St., $400,000.

Congamond Management LLC, to Jesus Floran Trinidad, 61 Van Horn St., $375,000.

Edward A. Leblanc, Louise M. Flynn, Louise M. Foerschner, Thomas P. Leblanc, Stephen R. Leblanc, Joyce Leblanc, Joyce Wildman and Jeffrey A. Leblanc to Shannon Marie O’Connell, 144 Ashgrove St., $270,000.

Frances M. Butler, Michele L. Boucher and Michelle Boucher to Central New York Associates LLC, 111 Horseshoe Drive, Unit 6128A, $209,900.

Gallagher Capital Group LLC, and KMak LLC to Janet L. Stadnicki, 28 Glendale St., $265,000.

Gary P. Biela and Patricia L. Biela to Cheyenne Rose and Joanna L. Bradway, 33 Guyotte Ave., $131,000.

KSM Holdings LLC, to Norman Hugo Storer Jr., 18 Gerard Lane,

Unit 18, $275,000.

Lisa B. Marques to Hassan Saleh and Rula Abdul Baki, 65 Bonneville Ave., $340,000.

LP Properties LLC, to Graciano Ortiz, 27-29 Charbonneau Terrace, $369,000.

Paul W. Gajda and Donna M. Hamel to Christopher Nascembeni, 56 Mt. Vernon Road, $225,000.

Valerie Ann Miller to Wolfpack Realty Corp., 114 Anderson Road, $141,000.

East Longmeadow

Douglas Dichard to Jaime L. Hernandez, 153 Chestnut St., $260,000.

Louis A. Calabrese and Alice E. Calabrese to John J. Ryan, 198 Maple St., $575,000.

Easthampton

Gerard McCook, Teryn Lynn McCook and Teryn Lynne McCook to Yesenia L. Hostetter and Jacob P. Hostetter, 6 Doody Ave., $299,900.

Granby

Ervin Glen Meimerstorf, Irving Glen Meimerstorf, Darlene Meimerstorf, Darlene Sergneri, Jonathan Lee Meimerstorf and Jeffrey Daniel Meimerstorf to Bridger R. Neveu, 14 Sherwood Drive, $254,750.

Ievgenii Gusiev to Walter Frederics, 213 Amherst St., $125,525.

Marc Albert Cormier to David Scott and Jo Ann M. Scott, 3 Sherwood Drive, $230,000.

Hampden

Chapdelaine Realty Inc., to David Chapdelaine and Lisa Chapdelaine, 37 Allen St., $238,000.

SEE DEEDS, PAGE F8

Jumbo loans are based on loan amounts of $548.250. Points quoted include discount and/or origination. Lock Days: 30-60. Annual percentage rates (APRs) are based on fully indexed rates for adjustable rate mortgages (ARMs). The APR on your specific loan may differ from the sample used. Fees reflect charges relative to the APR. If your down payment is less than 20% of the home’s value, you will be subject to private mortgage insurance, or PMI. FHA mortgages include both UFMIP and MIP fees based on loan amount of $165,000 with