Mortgage Rates on the Rise: How Will it Impact Homebuyers?

The average rate on a 30-year U.S. mortgage increased to 6.72% from 6.67% last week, according to Freddie Mac. Borrowing costs on 15-year fixed-rate mortgages also rose to 5.86% from 5.80%. High mortgage rates can add hundreds of dollars in costs for borrowers, contributing to a sales slump in the housing market since 2022.

Sales of previously occupied U.S. homes hit a 30-year low last year and have remained sluggish in 2022. Elevated mortgage rates and climbing home prices have deterred many potential homebuyers. The housing market has been affected by the increase in borrowing costs, leading to reduced purchasing power for buyers.

Read more at Yahoo Finance: Average long-term US mortgage rate rises to 6.72%, ending a five-week slide