30-Year Mortgage Rates Near Highest Level Since July

Rise impacts buyer affordability amid high home prices
By Newser.AI Read our AI policy
Posted Nov 21, 2024 1:14 PM CST
30-Year Mortgage Rates Near Highest Level Since July
A for sale sign hangs outside a home in the Brooklyn borough of New York on Nov. 13, 2024.   (AP Photo/Peter Morgan, File)

The average rate for a 30-year mortgage in the US has increased to 6.84%, marking the highest level since July, according to Freddie Mac's report on Thursday. It's a slight rise from last week's 6.78%. Despite the current increase, today's rates remain lower than the 7.29% average seen a year ago. The 15-year fixed-rate mortgage saw an uptick to 6.02% from 5.99% the previous week. This is a decrease from last year's rate, which averaged 6.67%.

The escalating mortgage rates come at a time when home prices are still near historic highs. This situation is putting additional financial pressure on potential homebuyers. As demand for homes diminishes, the US is facing its worst home sales year since 1995. (This story was generated by Newser's AI chatbot. Source: the AP)

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