The cost of financing a home surged again this week, keeping the average long-term U.S. mortgage rate at its highest level since December 2000. The average rate on the benchmark 30-year home loan rose to 7.63% from 7.57% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.94%.
A home under construction is shown on Sunday, Oct. 15, 2023 in Sudbury, Mass. On Thursday, Freddie Mac reports on this week’s average U.S. mortgage rates. LOS ANGELES — The cost of financing a home surged again this week with the average long-term U.S. mortgage rate at its highest level since December 2000.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loan, also increased. The average rate rose to 6.92% from 6.89% last week. A year ago, it averaged 6.23%, Freddie Mac said. “Mortgage rates continued to approach 8% this week, further impacting affordability,” said Sam Khater, Freddie Mac’s chief economist.
“Mortgage application activity is now at its lowest level in 29 years as high mortgage rates, limited housing inventory, and affordability challenges continue to constrain borrowers,” said MBA CEO Bob Broeksmit. “While 2023 has been a tough time for the housing market, MBA expects that mortgage rates will moderate heading into 2024, which should bring some relief to those looking to buy a home.”
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