US 30-year mortgage rates hit nearly 3-year high at 7.40% after 7th consecutive weekly rise
FROM THE WIRE · FINANCE.YAHOO.COM
Mortgage rates marched higher for the seventh week in a row, driving the average long-term U.S. home loan rate to its highest level in nearly three years. The benchmark 30-year fixed-rate mortgage climbed to 7.40% from 7.28% last week, mortgage buyer Freddie Mac said Thursday.…
Read at the source ↗MARKET IMPACTHIGH✦ News Impact agent estimateTone: expected bearishRising mortgage rates reduce borrower purchasing power, weighing on housing market and consumer spending.AI-generated summary
✦ IN BRIEF · AIAI-generated summary
- 01The 30-year fixed-rate mortgage average climbed to 7.40% from 7.28% last week.
- 02This is the seventh consecutive weekly rise and highest level since November 16, 2023.
- 03One year ago the rate was 6.30%; the increase adds hundreds of dollars monthly to borrower costs.