Average rate on 30-year mortgage hits 7% after 5th straight increase, now highest level since May
A "For Sale by Owner" sign is displayed in front of a home in Niles, Ill., Friday, Nov. 1, 2024. (AP Photo/Nam Y. Huh)
The average rate on a 30-year mortgage in the U.S. ticked up this week to slightly above 7%, the highest level in eight months.
The rate rose to 7.04% from 6.93% last week, mortgage buyer Freddie Mac said Thursday. A year ago, it averaged 6.6%. It has risen for five straight weeks.
CONTINUE READING THIS ARTICLE
You have read all of your free articles this month. Select a plan below to start your subscription today.
Already a subscriber? Login
