The 30-year fixed mortgage rate surged to 6.7 percent on Thursday, which is more than double what it was a year ago.
The 30-year fixed mortgage rate surged to 6.7 percent on Thursday, more than double what it was a year ago.from Freddie Mac, the 30-year fixed mortgage rate jumped by 0.41 percent from a week ago. A year ago, the rate was at 3.01 percent. It is also the highest it has been since July 2007, when the subprime mortgage crisis was in its early stages.interest rates between three and 3.25 percent, the highest since 2008, the mortgage rate is not directly tied to the Fed but rather the ten-year U.S.
Increased mortgage rates may also spook existing homeowners from selling since they would tie themselves to a higher rate.a $500,000 home with a 20 percent downpayment today, they would expect to pay approximately $259,000 in interest over 30 years. However, if they purchased a home for the same price and down payment when President Joe Biden was inaugurated in January 2021, they would only be paying $189,400 in interest over 30 years.
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