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Average 30-Year US Mortgage Rate Rises to 6.49%, Pushing up Homebuyers’ Borrowing Costs
Higher oil prices and Iran-related tensions pushed long-term bond yields up, while Freddie Mac said the 30-year rate is still below last year’s 6.72%.
The average 30-year fixed mortgage rate in the U.S. rose to 6.49% this week from 6.43% last week, pushing up borrowing costs for potential homebuyers.
When mortgage rates rise, they can add hundreds of dollars a month in costs for borrowers, reducing their purchasing power.
Mortgage rates are influenced by factors like the Federal Reserve's interest rate policy decisions and bond market investors' expectations for the economy and inflation.