Economics
US Mortgage Rates Soar to 5.55%, Renewing Squeeze on Homebuyers
Photographer: Jeremy Erickson/Bloomberg
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Mortgage rates in the US surged to the highest since June, turning up the pressure in a housing market where demand has fallen sharply from its pandemic-era peak.
The average for a 30-year loan rose to 5.55% from 5.13% last week, Freddie Mac said in a statement Thursday. Aside from a week in mid-June when the rate increased by 55 basis points, the latest surge is the steepest since 2013.