US 30-year mortgage rate rises to 6.53%, highest in nine months
By
Alex Veiga
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Summary
The average 30-year fixed mortgage rate in the US rose to 6.53%, its highest level in nine months, according to Freddie Mac. This marks another increase from 6.51% the previous week, though rates remain below the 6.89% level from a year ago. The rising rates add hundreds of dollars in monthly costs for borrowers and reduce purchasing power for prospective homebuyers. Rates have been trending higher amid geopolitical tensions and are influenced by Federal Reserve policy decisions and bond market expectations for the economy and inflation.
Key quotes
· 3 pulledThe average long-term U.S. mortgage rate rose again this week, reaching its highest level in nine months, another setback for prospective homebuyers.
The benchmark 30-year fixed rate mortgage rate rose to 6.53% from 6.51% last week, mortgage buyer Freddie Mac said Thursday.
When mortgage rates rise they can add hundreds of dollars a month in costs for borrowers, reducing their purchasing power.
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