Mortgage rates rise to one-year high - Fox Business
Mortgage rates in the U.S. have reached a one-year high, with the 30-year fixed rate climbing to 6.66%. The increase is attributed to broader economic factors, including Federal Reserve policy and geopolitical tensions in Iran.
Why it matters
Rising mortgage rates directly impact housing affordability and buyer activity, serving as a key indicator of the current economic climate.
Mortgage rates rose this week to the highest level in a year, 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 climbed to 6.66% from last week's reading of 6.58%. The average rate on a 30-year loan was 6.72% a year ago. HOW DOES FED CHAIR NOMINEE KEVIN WARSH VIEW THE CENTRAL BANK'S INFLATION GOAL? "The housing market continues to benefit from more available inventory, providing prospective homebuyers with additional options and helping support buyer activity as mortgage rates fluctuate," said Sam Khater, Freddie Mac's chief economist. The average rate on a 15-year fixed mortgage rose to 6.04% from last week's reading of 5.96%. Mortgage rates are affected by several factors, including the Federal Reserve and geopolitics.
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