Mortgage rates hit 7.4 percent for first time since November 2023
Summary
Mortgage rates for a 30-year loan rose to 7.4 percent this week, the highest since November 2023. Rates have increased for seven weeks in a row, going up by 0.12 percentage points from last week.Key Facts
- The average 30-year mortgage rate is now 7.4 percent.
- This is the highest level since November 2023.
- Rates increased by 12 basis points (0.12 percentage points) from last week.
- The previous week's average rate was 7.28 percent.
- Mortgage rates have been rising every week for seven weeks straight.
- The data comes from Freddie Mac, a government-backed company.
- Higher mortgage rates usually mean higher monthly payments for homebuyers.
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