Benchmark mortgage rate hits highest mark in more than a year
Summary
The average interest rate for a 30-year fixed mortgage rose to 6.71 percent this week, the highest level in over a year. This increase could make buying a home more expensive for people seeking loans.Key Facts
- The 30-year fixed mortgage rate is currently 6.71 percent.
- The rate increased from 6.66 percent just one week ago.
- This is the highest level for the 30-year mortgage rate in more than a year.
- Freddie Mac, a company that tracks mortgage rates, provided the data.
- Higher mortgage rates generally reduce the amount of house buyers can afford.
- The increase may slow down home purchases due to higher borrowing costs.
- The 30-year fixed mortgage rate is a standard loan used by many homebuyers.
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