U.S. Mortgage Rates Surge to 7.1%, Highest Since Late 2023 - Freddie Mac

Apr 18, 2024, 04:06 PM

In a significant financial development, U.S. mortgage rates have experienced a notable increase, reaching their highest levels since late 2023. As of mid-April 2024, the average rate on a 30-year fixed mortgage surged to 7.1%, marking a substantial rise from the previous week's rate of 6.88%, according to Freddie Mac. This escalation reflects the largest weekly increase in nearly a year, underscoring a trend of rising rates that began earlier in the month. The increase in rates has been attributed to various economic factors and has had a notable impact on the housing market, with existing home sales experiencing a significant drop in March, the largest monthly decline in over a year. Additionally, the monthly mortgage payment needed to buy the median priced home has reached a record high of $2,780.