Average 30-year US mortgage rate rises to highest level in a year at 6.66%
Higher oil prices and a divided Federal Reserve helped push borrowing costs up, adding hundreds of dollars a month for many buyers, analysts said.
- The average long-term mortgage rate rose for the fourth consecutive week to its highest level in a year, Freddie Mac said Thursday. The benchmark 30-year fixed rate mortgage increased to 6.66% from 6.58% last week.
- Rising mortgage rates follow the trajectory of the 10-year Treasury yield, which lenders use to price home loans. Upward pressure stems from the conflict in Iran driving crude oil prices higher this year and fueling inflation expectations.
- Refinance applications fell 10% as high rates significantly impact borrowers. "This upward trajectory in rates continues to significantly impact refinance borrowers," said Joel Kan, MBA's deputy chief economist, citing ongoing affordability challenges.
- With the Federal Reserve set to announce interest rate decisions, expectations for further hikes within two months suggest little prospect for a mortgage rate pullback soon. Lenders remain sensitive to the inflation outlook as they await Fed guidance.
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Average 30-year US mortgage rate rises to highest level in a year at 6.66% - WXXV News 25
By ALEX VEIGA The average long-term U.S. mortgage rate rose for the fourth consecutive week to its highest level in a year, another setback for prospective homebuyers hoping for a break from elevated home loan borrowing costs. The benchmark 30-year fixed rate mortgage rate rose to 6.66% from 6.58% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the average rate was 6.72%. Higher mortgage rates can add hundreds of dollars a m…
US Mortgage Rates Hit 6.66%, the Highest in a Year, as Oil Prices and Stubborn Inflation Squeeze Buyers
US mortgage rates have surged to 6.66 per cent, their highest level in a year, piling fresh pressure on homebuyers as stubborn inflation and higher oil prices push borrowing costs sharply higher. Data released on Thursday by Freddie Mac showed a jump from 6.58 per cent the previous week, driven by persistent inflation and rising energy prices linked to ongoing geopolitical conflict. The increase marks the steepest one-week rise in borrowing cost…
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