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Average 30-year US mortgage rate climbs to 6.55%, highest level in nearly a year
- On Thursday, Freddie Mac reported the average 30-year fixed mortgage rate climbed to 6.55%, reaching its highest level in nearly a year as renewed geopolitical tensions rattled financial markets.
- Mortgage rates generally track the 10-year Treasury yield, which rose to 4.57% this week amid renewed fighting between America and Iran, driving up borrowing costs.
- Pending home sales in June fell 5.4% month-over-month, while the Mortgage Bankers Association reported mortgage applications dropped 7% last week, signaling cooling buyer activity.
- Lawrence Yun, chief economist at the National Association of Realtors, noted that high rates and record-high home prices are creating a tepid market for first-time homebuyers.
- Before the conflict in Iran began, the average rate was just 3.97% in late February, illustrating how geopolitical instability continues to reshape the financial landscape for Americans.
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KEZI 9 News
KEZI 9 NewsGeopolitical tensions impact the housing market in the United States and increase financial pressure on those seeking to buy a home.
·Chevy Chase, United States
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Associated Press News+8 Reposted by 8 other sources
Average 30-year US mortgage rate climbs to 6.55%, highest level in nearly a year
The average long-term U.S. mortgage rate climbed this week to its highest level in nearly a year, driving up borrowing costs for prospective homebuyers.
·New York, United States
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Total News Sources30
Leaning Left6Leaning Right0Center19Last UpdatedBias Distribution76% Center
Bias Distribution
- 76% of the sources are Center
76% Center
L 24%
C 76%
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