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Mortgage rates rise to 7.28%: Freddie Mac
Fox Business • • business
Key Points:
- Mortgage rates have risen to 7.28% for the 30-year fixed mortgage, the highest level since November 2023, up from 7.03% the previous week and 6.34% a year ago, according to Freddie Mac's latest survey.
- The average rate on a 15-year fixed mortgage also increased to 6.6% from 6.42% last week.
- Mortgage rates closely follow the 10-year Treasury yield, which was around 5.23% as of Thursday, and are influenced by factors such as Federal Reserve policies and geopolitical events.
- The nearly one percentage point rise in the 30-year mortgage rate over the past year has significantly increased monthly payments by over $200 on a median-priced home, impacting buyer affordability despite falling home prices.
- Experts advise buyers to consider their credit score, down payment, and lender choice to maximize buying power and better prepare financially in a volatile mortgage rate environment.
