Mortgage rates are on the rise again and approaching 7% as economists warn that rates are expected to stay elevated for longer than previously projected.
Mortgage rates are on the rise again, jumping this week and approaching 7% as economists warn rates will likely remain elevated for longer than previously expected. Freddie Mac's latest Primary Mortgage Market Survey released Thursday showed that the average rate on the benchmark 30-year fixed mortgage rose to 6.87% this week from 6.74% last week. The average rate on a 30-year loan was 6.42% a year ago. The average rate on the 15-year fixed mortgage also climbed to 6.
The increases are a reversal from the past few weeks, when rates ticked down slightly. However, multiple industry economists have warned over the past several days that mortgage rates will likely remain high for the foreseeable future, further dampening the stalled housing market as buyers and sellers hold out for a more significant drop amid an affordability crisis.
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