U.S. mortgage rates have hit a new high for the year (so far) as inflation fears continue to creep up. The average rate on the 30-year fixed mortgage hovered between 7.4% and 7.5% this week, according to Mortgage News Daily’s daily data — its highest daily level since last November.
The continued rise in mortgage rates is likely to make homeownership unaffordable for large swathes of households in California and stifle the supply of homes for sale, housing economists say—a development that could make prices shoot up as competition for homes escalates.
Mortgage rates climbed above 7% for the first time this year as traders re-evaluated the odds for interest-rate cuts by the Federal Reserve. The average 30-year fixed mortgage rate this week was 7.1%,
Mortgage rates topped 7 percent for the first time this year, according to data released Friday by Freddie Mac. The average 30-year fixed-rate mortgage rose to 7.1 percent this week, up from 6.88 percent the week before.
After surging over the previous week, rates on 30-year mortgages have come down two days in a row. Rates for most other loan types also saw modest declines.
Prospective homebuyers are facing higher costs to finance a home with the average long-term U.S. mortgage rate moving above 7% this week to its highest level in nearly five months. The average rate on a 30-year mortgage rose from 6.
The average rate on a 30-year mortgage rose to 7.1% from 6.88% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.39%. When mortgage rates rise, they can add hundreds of dollars a month in costs for borrowers,
The average U.S. rate for the week ending Thursday for 30-year fixed mortgages rose to 7.1%, surpassing 7% for the first time since early December, increasing the monthly cost of homeownership, according to mortgage giant Freddie Mac.
Long-term mortgage rates crossed the 7% mark for the first time this year, according to the Freddie Mac Primary Mortgage Survey. 30-year fixed-rate mortgages averaged 7.10% as of April 18, compared to 6.