The continued rise in mortgage rates is likely to make homeownership unaffordable for large swathes of households in California and stifle the supply of homes for sale, housing economists say—a development that could make prices shoot up as competition for homes escalates.
Prospective homebuyers are facing higher costs to finance a home with the average long-term U.S. mortgage rate moving above 7% this week to its highest level in nearly five months. The average rate on a 30-year mortgage rose from 6.
The average rate on a 30-year mortgage rose to 7.1% from 6.88% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.39%. When mortgage rates rise, they can add hundreds of dollars a month in costs for borrowers,
The average U.S. rate for the week ending Thursday for 30-year fixed mortgages rose to 7.1%, surpassing 7% for the first time since early December, increasing the monthly cost of homeownership, according to mortgage giant Freddie Mac.
It’s been more than two decades since homebuyers in the U.S. faced interest rates comparable to current levels. Despite a slight decline from its late 2023 peak of 7.8%, the average 30-year fixed mortgage rate today of approximately 6.
Long-term mortgage rates crossed the 7% mark for the first time this year, according to the Freddie Mac Primary Mortgage Survey. 30-year fixed-rate mortgages averaged 7.10% as of April 18, compared to 6.
U.S mortgage rates continue to rise and have surpassed the 7% mark for the first time since 2024 started. The average rate on a 30-year fixed mortgage was 7.1% Thursday, according to Freddie Mac, a government-sponsored home-loan agency.
The average rate on the popular 30-year fixed mortgage sits around 7.5%, the highest level since mid-November of last year, according to Mortgage News Daily.
LOS ANGELES >> Prospective homebuyers are facing higher costs to finance a home with the average long-term U.S. mortgage rate moving above 7% this week to its highest level in nearly five months.