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Mortgage Rates rose for the seventh straight week, mortgage buyer Freddie Mac said Thursday.
Freddie Mac’s latest survey of the primary mortgage market, released Thursday, showed the benchmark’s average rate. Fixed mortgage over 30 years rose to 7.4% from last week’s reading of 7.28%.
The average rate for a 30-year loan was 6.3% a year ago.
Realtor Russell Walsh reviews a listing from realtor Bryce Garman during Garman’s open house in Dana Point, Calif., August 1, 2024. (Paul Bersebach/MediaNews Group/Orange County Register via Getty Images / Getty Images)
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“The increase comes amid continued upward pressure in the 10-year Treasury yield, which averaged 5.28% this week, 9 basis points higher than the previous week,” said Realtor.com senior economist Joel Berner. “A mix of inflation expectations, a widespread bond market selloff, and growing budget deficits requiring new debt issuance are pushing bond yields higher, and mortgage rates are following.”
The average rate for a 15-year fixed mortgage rose to 6.73% from 6.6% last week.
Mortgage rates are affected by several factors, including Federal Reserve and geopolitics. Although mortgage rates are not directly affected by the Fed’s interest rate decisions, they closely track the 10-year Treasury yield. The 10-year yield was hovering around 5.22% Thursday afternoon.
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Berner said high rates are “scaring the real estate market.”
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“Pending home sales fell year-over-year in August and September even before rates crossed the 7% threshold, and sellers were forced to drop prices at a pace not seen in four years,” he said. “Increasing home purchase financing costs have discouraged buyers already squeezed by affordability constraints, but those able to purchase with cash are experiencing very favorable conditions, with prices down 1.4% year-on-year and inventory for sale up 5.4% year-on-year.
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