U.S. 30-Year Mortgage Rate Rises to 7.22%, Highest Since Nov 2023

May 2, 2024, 09:58 PM

As of May 2, 2024, the 30-year fixed-rate mortgage rates in the U.S. have increased for the fifth consecutive week, reaching 7.22% from the previous week's 7.17%, according to Freddie Mac. This rate marks the highest point since November 2023. The continuous rise in mortgage rates comes amid indications that the Federal Reserve has no plans to lower the Fed Funds rate, posing challenges for potential home buyers.