Mortgage rates rise, bringing the average rate on a 30-year home loan to where it was 4 weeks ago
Summary
Mortgage rates for 30-year home loans in the U.S. have risen slightly, reaching 6.66%, close to the recent high this year. Higher mortgage rates make home loans more expensive, which can reduce people’s ability to buy homes and contribute to slower home sales.Key Facts
- The average 30-year fixed mortgage rate increased to 6.66% from 6.65% last week.
- One year ago, the average rate was 6.56%.
- Higher mortgage rates add hundreds of dollars to monthly payments for borrowers.
- The 15-year fixed mortgage rate also rose to 5.98% from 5.95% last week; it was 5.69% last year.
- Mortgage rates tend to follow the 10-year U.S. Treasury bond yield, which is currently 4.66%, up from 3.97% before the conflict with Iran began.
- The U.S. war with Iran has increased oil prices and inflation expectations, pushing mortgage rates higher.
- Concerns about U.S. government debt have also contributed to rising long-term bond yields.
- The U.S. housing market has been weak since 2022 due to rising mortgage rates, with home sales remaining low.
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