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Average long-term US mortgage rate holds at 7.4%, remaining at highest level in nearly 3 years
Freddie Mac said elevated borrowing costs and bond-market volatility are keeping home purchase and refinance activity subdued.
- On Thursday, mortgage buyer Freddie Mac reported the average 30-year fixed-rate mortgage held steady at 7.40%, marking the highest level since November 16, 2023, when rates were 7.44%.
- Rates generally follow the 10-year Treasury yield, which recently pulled back from its highest level since 2002; inflation concerns and bond market volatility keep borrowing costs well above the 3.97% level seen before the war with Iran began.
- Adjustable-Rate mortgages, or ARMs, accounted for 10.5% of all mortgage applications last week, the highest level in a year, while 15-year fixed-rate mortgages eased to 6.71% from 6.73% last week.
- Rising mortgage rates have stalled home sales and limited purchasing power, with the 1.42 percentage point increase since late February adding $376 in monthly costs for a $400,000 loan.
- Fannie Mae projects the 30-year mortgage rate will average 7.4% in the final quarter of this year and 7.5% in 2027, while Wall Street traders anticipate the Federal Reserve will keep short-term rates unchanged this month.
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Associated Press News+16 Reposted by 16 other sources
Average long-term US mortgage rate holds at 7.4%, remaining at highest level in nearly 3 years
Mortgage rates held steady this week, keeping the average long-term U.S. home loan rate at its highest level in nearly three years.
·New York, United States
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Coverage Details
Total News Sources35
Leaning Left6Leaning Right6Center14Last UpdatedBias Distribution54% Center
Bias Distribution
- 54% of the sources are Center
54% Center
L 23%
C 54%
R 23%
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