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Mortgage Rates Hit Six-Month High, Threatening U.S. Housing Boom

  • Real estate rally has been fueled by cheaper borrowing costs
  • Tight inventory has helped push prices higher in pandemic
home homes open house
Photographer: Ty Wright/Bloomberg
Updated on

Mortgage rates in the U.S. rose to the highest level in six months, with higher borrowing costs threatening to crimp the pandemic housing rally.

The average for a 30-year, fixed loan was 2.97%, up from 2.81% last week and the highest since August, Freddie Mac data showed Thursday. Rates have climbed from the record low of 2.65%, reached in early January.