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U.S. Mortgage Rates Rise Above 3% for First Time Since July

  • Higher borrowing costs seen as risk to pandemic housing rally
  • With home prices surging, some buyers are priced out of market
   
Photographer: Daniel Acker/Bloomberg
Updated on

Mortgage rates rose above 3% for the first time in seven months, raising concerns that higher borrowing costs will derail the pandemic housing rally.

The average for a 30-year, fixed loan was 3.02%, up from 2.97% last week and the highest since July 9, Freddie Mac data showed Thursday. Rates have surged from a record low of 2.65% in early January.