US mortgage rates hit six-month high, potential home buyers could feel the pinch By Investing.com
Investing.com — U.S. mortgage rates rose to a new six-month high this week, a development that, along with high home prices, could further constrain potential homebuyers, according to Freddie Mac (OTC:) on Thursday.
The average interest rate on the widely used 30-year fixed-rate mortgage rose to 6.93%, the highest rate since early July, Freddie Mac said.
“The continued strength of the economy has put upward pressure on mortgage rates, and coupled with high home prices, continues to weigh on housing affordability,” according to Sam Khater, chief economist at Freddie Mac.
A year ago, in the same period, the average rate was 6.66%.
This article was generated with the support of artificial intelligence and reviewed by an editor. See our T&C for more information.
