Average 30-year US mortgage rate climbs to 6.55%, highest level in nearly a year
The benchmark 30-year fixed mortgage rate rose to 6.55% this week, driving up borrowing costs for prospective homebuyers across the United States
The average long-term U.S. mortgage rate climbed this week to its highest level in nearly a year, driving up borrowing costs for prospective homebuyers. Mortgage buyer Freddie Mac reported on Thursday that the benchmark 30-year fixed-rate mortgage rose to 6.55% from 6.49% the previous week. One year ago, the average rate stood at 6.75%.[1]
Borrowing costs on 15-year fixed-rate mortgages, which are frequently sought by homeowners looking to refinance an existing home loan, also increased this week. Mortgage rates are influenced by a variety of factors, including the Federal Reserve's interest rate policy decisions and bond market investors' expectations regarding inflation and the broader economy.[1][2]
