US mortgage rates hit near three year high
The interest rate on the standard US home loan rose to 7.49 percent last week, reaching its highest level in nearly three years. The surge in borrowing costs worsened affordability for homebuyers and caused loan applications to decline.
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The average United States 30-year fixed-rate mortgage jumped 19 basis points to 7.49% last week, reaching its highest level since November 2023. This surge worsens affordability for buyers just four weeks before congressional elections. Higher borrowing costs threaten to stall housing market activity further as economic pressures mount.
