Mortgage rates rise for seventh straight week, squeezing homebuyers
Average rate on the benchmark 30-year fixed mortgage rises to 7.4%, Freddie Mac says
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Mortgage rates rose for the seventh straight week, mortgage buyer Freddie Mac said Thursday.
Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage rose to 7.4% from last week's reading of 7.28%.
The average rate on a 30-year loan was 6.3% a year ago.
Realtor Russell Walsh takes a look at a listing by realtor Bryce Garman at Garman's open house in Dana Point, California, on Aug. 1, 2024. (Paul Bersebach/MediaNews Group/Orange County Register via Getty Images / Getty Images)
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"This increase comes amid continued upward pressure from the 10-year Treasury yield, which averaged 5.28% this week, 9 basis points higher than the week before," said Realtor.com senior economist Joel Berner. "A wicked brew of inflation expectations, a broad bond market selloff, and rising fiscal deficits requiring new debt issuance is pushing bond yields higher, and mortgage rates are following."
The average rate on a 15-year fixed mortgage climbed to 6.73% from last week's reading of 6.6%.