Mortgage rates rose again last week, leaving them near 7% to start the year.
The average 30-year fixed-rate Mortgage rose to 6.91 % in week, leaving them near 7% to start the year.
The average 30-year fixed-rate Mortgage rose to 6.91% in the week through Wednesday, from 6.85 as of Dec 2, according to the Freddie Mac data. 15 year Mortgage rates jumped to 6.13% from 6% a week earlier.
"Inching up to just shy of 7%, Mortgage rates reached their highest point in nearly six months", Sam khater, Freddie Mac's chief economist, said in a statement. "Compared to this time last year, rates are elevated and the market's affordability headwinds persist.
It's the third straight week of rate gains and the highest level since July.