Reported 3 days ago
Mortgage rates have risen this week, averaging 6.89% for a 30-year loan, slightly up from last week. The increase follows modestly higher Treasury yields, with the average 15-year mortgage rate also rising to 6.03%. Despite being lower than last year's rates, affordability remains a significant hurdle for many buyers, evidenced by a sharp decline in home contract signings. However, mortgage applications for purchasing homes saw a slight increase of 3%, while refinancing applications fell by 7%. Experts advise potential buyers to compare rates to maximize their savings.
Source: YAHOO