The average long-term U.S. mortgage rate rose for the second straight week following six weeks of declines that had given prospective homebuyers a glimmer of hope.
Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate inched up to 6.48% this week from 6.42% last week. A year ago the average rate was 3.22%, less than half of the current average rate.
That pushed the central bank's key rate to a range of 4.25% to 4.5%, its highest level in 15 years. The Fed has signaled it may raise its rate another three-quarters of a point in 2023, which would be in a range of 5% to 5.25%. The big increase in mortgage rates has sunk the housing market, with sales of existing homes falling forWhile home prices have fallen as demand has declined, they are still nearly 11% higher than a year ago. Higher prices and a doubling of mortgage rates have made homebuying much less affordable for many people.
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