The average rate for a 30-year fixed mortgage was 7.09% as of Thursday, up from 6.96% last week.
Mortgage rates climbed above 7% this week to their highest level since 2002, throwing more cold water on the Bay Area housing market as buyers face soaring monthly home loan payments that are thousands of dollars more than a few years ago.
The average rate for a 30-year fixed mortgage was 7.09% as of Thursday, up from 6.96% last week, Freddie Mac reported. That’s an increase from 5.13% a year ago and more than double the historic-low 2.86% average rate this time in 2021. A 30-year fixed “jumbo” home loan — which is common for more expensive homes — averaged 7.65% on Thursday, according to Bankrate.com. In the Bay Area, a jumbo loan is a mortgage that exceeds $1,089,200.
Mortgage rates have been on an upward trajectory since last spring when the Federal Reserve began raising the cost of borrowing in a bid to slow inflation. Rates briefly topped 7% percent in November, before falling to around 6% in February. They’ve trended up since then.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Weekly mortgage demand drops again, as interest rates match a 22-year highMortgage rates rose for the third straight week last week, matching a 22-year high. As a result, mortgage demand dropped as well.
Read more »
What 7% Mortgage Rates Mean for Home BuyersBuyers should focus on what they can control rather than try to predict mortgage rates.
Read more »
Mortgage rates hit 22-year high, Bankrate saysThe average rate on 30-year mortgages climbed to 7.31% this week, according to Bankrate's weekly national survey of large lenders.
Read more »
Weekly mortgage demand drops again, as interest rates match a 22-year highLast year the 30-year fixed was 5.45%, and in 2021, it was in the 3% range, showing just how far costs have risen since the Federal Reserve began raising rates.
Read more »
Mortgage rates surge to 21-year highThe 30-year fixed-rate mortgage averaged 7.09% over the week ending on Thursday, Freddie Mac data shows.
Read more »
Homebuilder sentiment plummets as mortgage rates surge againBuilder confidence unexpectedly dropped for first time this year.
Read more »