Mortgage rates rise to 7.28%: Freddie Mac
Average 30-year fixed mortgage rates have climbed to 7.28%, reaching their highest level since November 2023. Economists note that this trend is significantly impacting buyer budgets and housing affordability.
Why it matters
Rising interest rates continue to strain the US housing market, forcing potential buyers to adjust their financial expectations and purchasing power.
Mortgage rates rose to the highest level since November 2023, mortgage buyer Freddie Mac said Thursday. Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage rose to 7.28% from last week's reading of 7.03%. The average rate on a 30-year loan was 6.34% a year ago. Thursday's figure is the highest since Nov. 22, 2023, when the average rate on the 30-year fixed mortgage was 7.29%. MORE HOMES, MORE PRICE CUTS – BUT BUYERS STILL AREN'T BITING AS MORTGAGE RATES CLIMB "With mortgage rates on their current trajectory, the housing market continues to be supported by favorable economic conditions," said Sam Khater, Freddie Mac's chief economist. The average rate on a 15-year fixed mortgage climbed to 6.6% from last week's reading of 6.42%.
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