The average rate on a 30-year fixed-rate mortgage increased to 6.89% this week, according to Freddie Mac. This marks the third consecutive week of increases, up from 6.86% last week, and represents its highest level since early February. A year ago, the rate averaged 6.36%.
Mortgage rates are influenced by several factors, from the Federal Reserve’s interest rate policy decisions to bond market investors’ expectations for the economy and inflation. This increase adds pressure to buyers trying to enter the housing market.
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