US mortgage rates hit near three-year high amid rising inflation pressures
Freddie Mac reports that the average rate on a 30-year fixed mortgage in the United States has climbed to its highest level in almost three years, while 15-year fixed rates also remain elevated.
According to Freddie Mac, the typical 30-year fixed mortgage rate in the US has risen sharply compared to a year ago, reaching a peak not seen since late 2023. The 15-year fixed rate has similarly increased, staying well above its level from a year earlier. The upward trend in mortgage costs began after late February, when the US-Iran conflict triggered higher oil prices and added to inflationary pressures.
Why it matters
Higher mortgage rates increase borrowing costs for homebuyers, influencing the housing market and broader economy.
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