The average rate on a 30-year U.S. mortgage rose to 6.22% this week, its highest level in more than three months, creating a new hurdle for homebuyers during the spring market.
Rates Move Higher Again
Freddie Mac said the rate increased from 6.11% last week, though it remains below the 6.67% average from a year ago. The average rate on a 15-year fixed mortgage also edged up to 5.54%.
Why It Matters
Mortgage rates have been rising alongside Treasury yields, which have climbed as investors worry higher oil prices could fuel inflation. That could also make the Federal Reserve less likely to cut interest rates soon.
Housing Market Still Slow
Even with rates lower than a year ago, the U.S. housing market remains weak. Home sales have stayed near a 4 million annual pace since 2023, well below the historical norm, as many buyers continue to struggle with affordability.
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