Average 30-year US mortgage rate climbs to 6.58%, highest level in nearly a year
Freddie Mac said the increase could further slow home sales as higher oil prices and bond yields keep borrowing costs elevated.
- Freddie Mac reported the average 30-year fixed mortgage rate climbed to 6.58%, the highest level in nearly 12 months. This increase from 6.55% last week pushes up borrowing costs for prospective homebuyers.
- Conflict in Iran has driven crude oil prices higher, stoking inflation expectations and pushing the 10-year Treasury yield to 4.7%. Mortgage rates generally follow this trajectory, which lenders use as a guide for pricing home loans.
- Borrowing costs for 15-year fixed-rate mortgages also increased this week, rising to 5.96% from 5.93%. These elevated rates limit purchasing power, adding hundreds of dollars monthly in costs for borrowers seeking to refinance.
- Record home prices and higher rates create financial strain for homebuyers, limiting purchasing power. Lisa Sturtevant, chief economist at Bright MLS, said it is "about the full financial picture of buying."
- Sales of previously occupied homes remain far short of the historic norm, despite being up 0.7% compared to one year ago. The national housing market slump continues as mortgage rates remain elevated.
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37 Articles
Appalachian News-Express
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The average long-term US mortgage rate climbed this week to its highest level in nearly 12 months, pushing up borrowing costs for prospective homebuyers at a time when rising oil prices are already squeezing household budgets, per the AP . The benchmark 30-year fixed-rate mortgage rose to 6.58% from 6....
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US 30-Year Mortgage Rate Climbs To Highest Level In Nearly A Year
The average interest rate on a 30-year fixed mortgage in the United States has climbed to 6.58 percent, reaching its highest level since late August last year. According to the report, this marks the third consecutive weekly increase, adding further pressure to an already challenging housing market.Higher borrowing costs are making home purchases less affordable as home prices continue to rise. 💡The report said the latest increase could add hun…
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