Average U.S. mortgage rate hits highest level in nearly 3 years

The average long-term U.S. home loan rate has reached its highest level in nearly three years, following seven consecutive weekly increases. According to Freddie Mac, the benchmark 30-year fixed-rate mortgage rose to 7.40% from 7.28% last week, compared to 6.30% a year ago. This peak is the highest since November 16, 2023. Rising mortgage rates are limiting homebuyer purchasing power and increasing monthly costs, which has stalled the housing market and eroded overall demand.