US 30-Year Mortgage Rate Rises to 7.28%

The average rate on a 30-year fixed U.S. mortgage rose to 7.28% this week, its highest level since November 2023, according to Freddie Mac. The rate increased from 7.03% the previous week, marking six consecutive weekly increases and the largest weekly jump in about four years, the survey showed. The average rate on a 15-year fixed mortgage also climbed, reaching 6.60% from 6.42% a week earlier. A year ago, the 30-year and 15-year rates were 6.34% and 5.55%, respectively, Freddie Mac reported. The rise adds to borrowing costs for prospective buyers and homeowners seeking to refinance. The Associated Press estimated that the increase of roughly one percentage point since the 30-year rate’s late-February low of 5.98% adds about $276 a month to payments on a $400,000 loan at the current average rate. The estimate applies to that loan amount and comparison period; individual borrowers may qualify for different rates. Mortgage rates generally track the yield on the 10-year Treasury note, which lenders use as a guide to home-loan pricing.