Mortgage Rates Near 7% As Fed Eyes Stubborn Inflation Rate

Benzinga

U.S. mortgage rates increased this week, reaching their highest levels since July, with the 30-year fixed rate climbing by six basis points to nearly 6.9%. A year ago, the rate was 6.62%. The average 15-year fixed rate rose by thirteen basis points to over 6% compared to nearly 5.8% a year earlier. Freddie Mac’s chief economist, Sam Khater, noted affordability challenges persist, but rising pending home sales suggest renewed buyer activity. Rates are being influenced by elevated bond yields and the Federal Reserve’s stance on controlling inflation, which remains above the 2% target.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02U.S. mortgage rates increased this week, reaching their highest level since July,

00:06with a 30-year fixed rate climbing by 6 basis points to nearly 6.9 percent. A year ago,

00:11the rate was 6.62 percent. The average 15-year fixed rate also rose by 13 basis points to over

00:186 percent, compared to nearly 5.8 percent a year earlier. Freddie Mac's chief economist,

00:23Sam Kater, noted affordability challenges persist, but rising pending home sales suggest

00:28renewed buyer activity. Rates are being influenced by elevated bond yields and

00:32the Federal Reserve's stance on controlling inflation, which remains above the 2 percent

00:36target. For all things money, visit Benzinga.com slash GSTV.

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