The average rate for a 30-year fixed-rate mortgage topped 7% this week for the first time in 2024 as elevated rates and high prices continue to pummel the housing market.
Mortgage rates climbed above 7% for the first time this year as traders re-evaluated the odds for interest-rate cuts by the Federal Reserve. The average 30-year fixed mortgage rate this week was 7.1%,
Mortgage rates topped 7 percent for the first time this year, according to data released Friday by Freddie Mac. The average 30-year fixed-rate mortgage rose to 7.1 percent this week, up from 6.88 percent the week before.
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,
Mortgage rates reached a high for 2024, making homebuying during peak housing season less attractive to potential buyers. Monday’s 30-year fixed-rate mortgage was 7.44%, not far from the 7.79% peak in October of last year.
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.
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.