Mortgage rates have been climbing since late February, when the U.S. war with Iran began, pushing up the price of oil and driving inflation higher. The run-up in rates also reflects heightened bond market volatility, which has pushed up yields on U.S. Treasurys. This week the average long-term U.S. home loan rate has been at its highest level in nearly three years.
US benchmark 30-year fixed-rate mortgage was unchanged from last week at 7.40 per cent, mortgage buyer Freddie Mac said Thursday. One year ago, the average rate was 6.27 per cent. The latest reading ends a seven-week climb for the average rate, which is at the highest level since November 16, 2023, when it was at 7.44 per cent. 15-year fixed-rate mortgages average rate slipped to 6.71 per cent from 6.73 per cent last week. A year ago, it was at 5.52 per cent.
