Fannie Mae data showed that the average rate on a 30-year fixed mortgage in the United States climbed to 7.28% this week, marking its highest level since November 2023. The average rate for a 15-year fixed mortgage also moved higher, reaching 6.6%.
The data points to continued pressure on the US housing market as borrowing costs remain elevated. Existing home sales in August fell 2% from the previous month, with the seasonally adjusted annual rate coming in at 3.98 million units. The figures highlight how persistently high mortgage rates are weighing on housing activity, according to the ChainCatcher news brief.
According to a ChainCatcher news brief citing Fannie Mae data, the average rate on a 30-year fixed mortgage in the United States rose to 7.28% this week, the highest level since November 2023.
The average rate on a 15-year fixed mortgage rose to 6.6%. Persistently high rates continued to weigh on the housing market, with existing home sales in August down 2% month over month to a seasonally adjusted annual rate of 3.98 million units.
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