30-Year Fixed Mortgage Rate Climbs to 7.28% Amid Rising Treasury Yields
Freddie Mac reported the average 30-year fixed mortgage rate rose to 7.28% this week, the highest level since November 2023, as Treasury yields hovered around 5.23%.
The average rate on the benchmark 30-year fixed mortgage increased to 7.28% this week, up from 7.03% the previous week, according to Freddie Mac's Primary Mortgage Market Survey released Thursday. The figure marks the highest level since November 2023, when the rate was 7.29%, and is well above the 6.34% average recorded a year earlier.
The 15-year fixed mortgage rate also rose, reaching 6.6% from 6.42% the week before. Freddie Mac chief economist Sam Khater said the housing market remains supported by favorable economic conditions despite the upward movement in rates.
Realtor.com senior economist Hannah Jones noted that the 30-year rate has risen nearly a full percentage point over the past year, adding more than $200 to the monthly principal-and-interest payment on a median-priced home, even as median home prices have fallen year-over-year. She emphasized that borrowers' actual rates can vary by up to a full percentage point based on credit scores, down payments and lenders, a difference that can affect buying power by roughly $28,400.