Key facts
- The average 30-year fixed-rate mortgage held steady at 7.40% this week.
- This rate is the highest since November 16, 2023, when it was 7.44%.
- The average rate on a 15-year fixed-rate mortgage eased to 6.71% from 6.73%.
The average 30-year fixed-rate mortgage held steady at 7.40% this week, its highest level since November 16, 2023, according to Freddie Mac. This marks the end of a seven-week climb for mortgage rates, which are influenced by inflation, Federal Reserve policy, and bond market expectations. The elevated rates continue to impact U.S. home sales and affordability. The average rate on a 15-year fixed-rate mortgage eased to 6.71% from 6.73% last week. Rates on home loans generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans. The 10-year Treasury yield was at 5.10% on Thursday.