Mortgage rates climb for 5th straight week, pushing average rate on a 30-year home loan above 7 %
· KRGV (NBC 5)
Mortgage rates in the U.S. have increased for the fifth consecutive week, with the average rate on a 30-year fixed mortgage reaching 7.03%, up from 6.95% the previous week. This marks the highest rate since January 2025, impacting homebuyers' affordability. The increase adds approximately $276 monthly to a $400,000 loan. The housing market remains sluggish, with home sales at a 30-year low and mortgage applications dropping by 1.5% last week. The rise in rates is influenced by inflation and Federal Reserve policies, with expectations of further rate hikes potentially affecting the market's recovery.
AI summary · Source: KRGV (NBC 5) →
