Average 30-Year Fixed Mortgage Rate Increases to 7.4%
US Mortgage rate s continued their upward trajectory this week, with the average 30-year fixed rate increasing to 7.4%, according to data from Freddie Mac. This is the highest level the key benchmark rate has reached since April 2002. JUST IN: 🇺🇸 Average 30-year fixed mortgage rate increases to 7.4%, highest since 2002. — Watcher.Guru (@WatcherGuru) August 17, 2023 One year ago, the average 30-year fixed Mortgage rate stood significantly lower at 5.13%. Rates have been on the rise since late May of this year when they first crossed above 6.5%. The surge in rates reflects a rapid shift in the macroeconomic environment. Also Read: BRICS Creating a New Currency to Replace US Dollar is Laughable Fed to blame for rising mortgage rates? The Fed eral Reserve has been aggressively raising its benchmark interest rate in an effort to combat high inflation . This has flowed through to US Mortgage rate s, which tend to increase with the direction of...