Average 6.71%: U.S. 30-Year Mortgage Rates Hit Highest Level Since July Last Year

[Financial News] The average rate on 30-year fixed-rate mortgages in the United States continued to rise, reaching its highest level since July last year.
According to Freddie Mac, a U.S. government-sponsored mortgage lender, the average rate on 30-year fixed-rate mortgages in the United States stood at 6.71% as of the 3rd, local time.
That was an increase of 0.05 percentage points from the previous week and the highest level in about 13 months since July 31 last year, when it stood at 6.72%. It was 0.21 percentage points higher than a year earlier, when the rate was 6.50%.
The average rate on 15-year fixed-rate mortgages also rose to 6.04% from 5.98% the previous week. It was 5.60% a year earlier.
Mortgage rates generally follow the trend of 10-year U.S. Treasury yields.
International oil prices have risen in the wake of the recent war between the United States and Iran, fueling inflation concerns. Along with worries about rising U.S. government debt, this pushed up long-term Treasury yields and mortgage rates.
Higher mortgage rates increase homebuyers’ monthly repayment burdens, reduce their purchasing power, and may prompt them to delay buying a home. Analysts say this could add to the pressure on the already sluggish U.S. housing market.


[email protected] International Affairs Specialist Lee Seok-woo Reporter