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Mortgage rates climb to highest point in a year
['Reid Stone', 'Reid Stone Is A Contributing Reporter For The San Joaquin Valley Sun. Email Him At', 'Les Hubbard', 'Bruce Clayton']
The San Joaquin Valley Sun
The average 30-year fixed US mortgage rate rose for the fourth straight week to 6.66%, its highest level in a year, according to Freddie Mac.
The big picture: Last week’s rate was 6.58%, and a year ago the average was slightly higher at 6.72%.
Sales of previously occupied US homes remain sluggish and are hovering near a 4-million annual pace – below the historic norm of 5.2 million – as elevated rates deter buyers.
The average 15-year fixed-rate mortgage climbed as well, rising to 6.04% from 5.96% the previous week, up from 5.85% a year ago.
Driving the news: Mortgage rates are influenced by Fed policy, economic outlook, and inflation expectations, and generally track the 10-year Treasury yield.