The average 30-year mortgage rate in the U.S. rose to 6.44%, the highest level in eight weeks, Freddie Mac reported Thursday. This marks the third consecutive week of increases, up from last week’s 6.32%.
Mortgage rates have been climbing due to factors like the Federal Reserve’s interest rate policies and a rise in the 10-year Treasury yield. A year ago, the rate was 7.63%, much higher than current levels.
The increasing rates have impacted homebuyers, reducing affordability and discouraging mortgage applications, which fell 17% last week. Rising rates also make it harder for homeowners to sell, as they would face higher borrowing costs on new loans.
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