Average 30-year U.S. mortgage rate rises to highest level in a year
Summary
The average interest rate for a 30-year fixed mortgage in the U.S. has increased for the fourth week in a row, reaching its highest point in a year. This rise makes borrowing more expensive and slows down home buying.Key Facts
- The average 30-year fixed mortgage rate rose from 6.58% last week to 6.66%.
- This is the highest mortgage rate level seen in a year.
- One year ago, the rate was slightly higher at 6.72%.
- Higher mortgage rates mean borrowers pay more each month on their home loans.
- Increased costs reduce how much buyers can afford when shopping for homes.
- Rising rates have contributed to slower home sales in the U.S. this year.
- Freddie Mac, a company that tracks mortgage rates, provided this data.
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