The average rate on a 30-year fixed-rate mortgage increased to 6.83% this week, according to Freddie Mac. This marks a significant jump from last week's 6.62%, reaching its highest level in eight weeks. A year ago, the rate averaged 6.39%.
Mortgage rates are influenced by several factors, including global demand for U.S. Treasurys, the Federal Reserve’s interest rate policy decisions, and bond market investors’ expectations for future inflation. This increase adds pressure to buyers facing high home prices.
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