U.S. Mortgage Rates Reach 7.1% High in 2024, Freddie Mac Reports

Apr 18, 2024, 04:06 PM

U.S. mortgage rates have reached new heights in 2024, with the average 30-year fixed mortgage rate climbing to 7.1%, marking the highest level since late 2023, according to Freddie Mac. This significant increase is attributed to the largest weekly rise in nearly a year. The rise in rates has been consistent, with reports indicating a jump to 7.43% and even peaking at 7.64%. This trend poses challenges for the residential real estate market, as higher rates could slow down recovery, affect home affordability, and muddle home sales growth.