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Mortgage rates rise to 6.71%: Freddie Mac
Fox Business • • general
Key Points:
- Mortgage rates have risen to their highest level in over a year, with the average rate on a 30-year fixed mortgage increasing to 6.71%, up from 6.66% last week, according to Freddie Mac's latest survey.
- The current 30-year mortgage rate is significantly higher than the 6.5% rate recorded a year ago, reflecting ongoing market changes.
- The average rate on a 15-year fixed mortgage also increased to 6.04% from 5.98% the previous week.
- Mortgage rates are influenced by factors such as the Federal Reserve, geopolitics, and notably track the 10-year Treasury yield, which stood at around 4.74% recently.
- Escalating tensions in the Middle East have driven up oil prices and inflation concerns, contributing to higher bond yields and mortgage rates, as noted by Realtor.com’s senior economist.
