Home loan borrowing costs rose for the fifth straight week, keeping the average long-term U.S. mortgage rate at its highest level in more than two decades and t
The average rate on the benchmark 30-year home loan rose to 7.57% from 7.49% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.92%.
The average rate on a 30-year home loan climbed above 6% in September 2022 and has remained above that threshold since. This marks the first 12-month period that the benchmark mortgage rate has been at 6% or higher since the early 2000s. It's now at the highest level since Dec. 1, 2000, when it averaged 7.65%.
Home loan purchase applications have fallen to multi-decade lows and are now nearly 20% below last year's pace, according to the Mortgage Bankers Association. However, there's been a pickup in applications for adjustable-rate mortgages.
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The average long-term US mortgage rate surges to 7.57%, holding at highest level since 2000Home loan borrowing costs rose for the fifth straight week, keeping the average long-term U.S. mortgage rate at its highest level in more than two decades and taking another bite out of prospective homebuyers’ purchasing power. The average rate on the benchmark 30-year home loan rose to 7.57% from 7.
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The average long-term US mortgage rate surges to 7.57%, holding at highest level since 2000Home loan borrowing costs rose for the fifth straight week, keeping the average long-term U.S. mortgage rate at its highest level in more than two decades and taking another bite out of prospective homebuyers’ purchasing power.
Read more »
The average long-term US mortgage rate surges to 7.57%, holding at highest level since 2000Home loan borrowing costs rose for the fifth straight week, keeping the average long-term U.S. mortgage rate at its highest level in more than two decades and taking another bite out of prospective homebuyers’ purchasing power.
Read more »
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