A home stands for sale in a Brooklyn neighborhood with a limited supply of single family homes in New York on March 31, 2021. (Spencer Platt/Getty Images) U.S. home mortgage rates soared towards 7 percent this week, pushing away many potential home buyers as affordability pressures for some pushed home ownership further out of reach.
The average rate on the popular 30-year fixed mortgage hit 7.22 percent on July 6, reaching its highest point since November, according data published by to Mortgage News Daily.
Freddie Mac’s report showed a lower surge in the 30-year fixed mortgage rate to 6.81 percent from 6.71 percent the week prior.
“Mortgage rates continued their upward trajectory again this week, rising to the highest rate this year so far,” Freddie Mac said. “This upward trend is being driven by a resilient economy, persistent inflation and a more hawkish tone from the Federal Reserve.” Mortgage Rates Surge After […]
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