30-year mortgage rate hits 7.4%, first time since November 2023
The average 30-year mortgage rate rose to 7.4%, its seventh straight weekly increase and the highest since November 2023, Freddie Mac reported.
The average 30-year mortgage rate rose to 7.4 percent this week, the first time it has reached that level since November 2023, The Hill reports. Freddie Mac reported the figure on Thursday.
The rate rose 12 basis points from last week's 7.28 percent, according to Freddie Mac, as cited by The Hill. It has risen for seven consecutive weeks. ABC News also reports seven straight weekly increases and calls it the highest long-term rate in nearly three years.
The New York Times says the higher rate puts more pressure on Americans who are struggling to afford a home.
Reported by
- The New York TimesHighest Mortgage Rates in 3 Years Chills the Housing MarketThu, Oct 8, 12:01 PM EDT
- ABC NewsAverage long-term US mortgage rate rises to highest level in nearly 3 yearsThu, Oct 8, 4:27 PM EDT
- The HillMortgage rates hit 7.4 percent for first time since November 2023Thu, Oct 8, 5:03 PM EDT
This story was written by AI using only the reports listed above, and published without a person reviewing it first. It is rewritten as new reports arrive. Read the original reporting for full detail. Spot an error? Tell us.
Earlier versions (1)
- Thu, Oct 8, 4:50 PM EDT, 2 outlets: Average 30-year mortgage rate rises to 7.4%, highest in nearly 3 years