Mortgage rates rise to nearly 3-year high
The average 30-year mortgage rate climbed to 7.28%, its sixth straight weekly increase and highest level since November 2023. The 15-year rate rose to 6.60%.
The average long-term U.S. mortgage rate jumped this week to its highest level in nearly three years.
The benchmark 30-year fixed-rate mortgage rose to 7.28% from 7.03% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the average rate was 6.34%.
It is the sixth consecutive week that mortgage rates have increased.
The average rate is now the highest it’s been since Nov. 22, 2023, when it reached 7.29%.
Borrowing costs on 15-year fixed-rate mortgages, often sought by borrowers refinancing a home loan, also climbed this week. That average rate increased to 6.60% from 6.42% last week. A year ago, it was at 5.55%.
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