Mortgage Rates Climb for Seventh Straight Week, Pressuring Homebuyers

Freddie Mac reported that mortgage rates have risen for the seventh consecutive week.

According to Freddie Mac’s Primary Mortgage Market Survey released Thursday, the average 30‑year fixed‑rate mortgage increased to 7.4%, up from 7.28% the prior week.

A year ago, the average rate on a 30‑year loan stood at 6.3%.

Realtor Russell Walsh takes a look at a listing by realtor Bryce Garman at Garman’s open house in Dana Point, California, on Aug. 1, 2024. (Paul Bersebach/MediaNews Group/Orange County Register via Getty Images / Getty Images)

Baby boomers are poised to unleash millions of homes, but there’s a catch for first‑time buyers.

“This increase comes amid continued upward pressure from the 10-year Treasury yield, which averaged 5.28% this week, 9 basis points higher than the week before,” said Realtor.com senior economist Joel Berner. “A wicked brew of inflation expectations, a broad bond market selloff, and rising fiscal deficits requiring new debt issuance is pushing bond yields higher, and mortgage rates are following.”

The average rate on a 15‑year fixed mortgage rose to 6.73%, up from 6.60% the previous week.

Source link