Mortgage Rates Rise Again

US Mortgage Rates Soar to 7.28 Percent, Reaching Highest Level in Nearly Three Years

The average long-term US mortgage rate has risen to its highest level in nearly three years at 7.28%, according to mortgage buyer Freddie Mac. This is the sixth consecutive week that mortgage rates have increased. The 30-year fixed-rate mortgage rate rose from 7.03% to 7.8%, a change from 6.34%. The average rate is now the highest since Nov. 22, 2023, and borrowing costs on 15-year fix-rate mortgages also increased. This increase can add hundreds of dollars a month to borrowers' costs, limiting their purchasing power as rates rise, leading to delays in home purchases. The housing market has been in a slump since 2022, when mortgage rates began to climb from pandemic-era lows.

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