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US 30-year fixed-rate mortgage approaches 7%
2024-11-22 09:07:58

WASHINGTON (Reuters) - U.S. mortgage rates increased to a four-month high this week, which together with higher home prices could sideline potential buyers from the housing market in the near term.


The average rate on the popular 30-year fixed-rate mortgage increased to 6.84%, the highest level since July, from 6.785% last week, mortgage finance agency Freddie Mac (OTC:FMCC) said on Thursday. It averaged 7.29% during the same period a year ago.


Though the Federal Reserve has cut interest rates twice since September, U.S. Treasury yields have risen on strong economic data and investor fears that President-elect Donald Trump's policies, including higher tariffs on imported goods and mass deportations, could reignite inflation.


Mortgage rates track the 10-year Treasury note.