Business
UNDERREPORTEDCROSS-SPECTRUM
30-Year Mortgage Rate Climbs to 6.69%, Highest in Over a Year
Mortgage rates edged up, with the 30-year fixed reaching 6.69% per Freddie Mac’s latest survey, while the 15-year fell to 6.01%.
Freddie Mac reported that the average rate on the benchmark 30-year fixed mortgage rose to 6.69% from 6.66% the week before, the highest level in more than a year. A year ago the 30-year rate was 6.63%. The 15-year fixed slipped to 6.01% from 6.04%. Chief economist Sam Khater noted that higher rates are pressuring affordability, but housing prices are modestly below last-year levels and inventory is improving.
Why it matters
Higher mortgage rates influence home-buyer budgets and can slow the housing market.
In this story
mortgage rates30-year fixed15-year fixedFreddie Machousing affordabilitylisting pricesinventorySam Khater