Mortgage Rates Rise Slightly: What It Means for Homebuyers
This week, the average rate on a 30-year mortgage in the U.S. nudged up to 6.12%, marking the first increase in seven weeks. This is a slight jump from last week’s 6.08%, according to Freddie Mac, but still significantly lower than last year’s 7.49%. Last week, rates hit their lowest point in two years, giving homebuyers a bit more purchasing power, even as home prices remain near record highs. While this week’s increase may seem minor, it’s important to keep an eye on trends, especially if you’re actively house hunting. What About 15-Year Mortgages? If you're considering refinancing, the average rate on a 15-year fixed-rate mortgage also edged up this week, rising to 5.25% from 5.16% last week. Still, it's well below last year’s 6.78%, so it could be a good time to explore refinancing options if you want to lock in a lower rate for the long term. Why Are Rates Moving? Mortgage rates are influenced by a variety of factors, including changes in the bond market and the Federal Re...