30-Year Mortgage Rate Reaches Highest Level in Over a Year
Source Summary
The benchmark 30-year fixed mortgage rate rose to 6.71 percent this week, up from 6.66 percent the previous week, according to Freddie Mac. This marks the highest level for the 30-year rate in over a year. The increase is expected to reduce purchasing power for prospective homebuyers.
Why it matters
Higher mortgage rates directly reduce the purchasing power of homebuyers, affecting housing affordability and demand in the residential real estate market.
