Bussiness
Mortgage rates increase to 7.03%
Madison Ventures managing director Mitch Roschelle analyzes the housing market and reveals some of the best places to live outside of big cities on The Big Money Show.
Mortgage rates increased this week for the first time in a month, returning above 7% as the home affordability crisis continues to hurt demand in the housing market.
Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage rose to 7.03% this week from 6.94% last week. The average rate on a 30-year loan was 6.79% a year ago.
A “New Listing” sign outside a home in Napa, California, US, on Monday, May 6, 2024. (David Paul Morris/Bloomberg via Getty Images / Getty Images)
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The average rate on the 15-year fixed mortgage also climbed to 6.36% from 6.24% last week. One year ago, the rate on the 15-year fixed note averaged 6.18%.
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