US Mortgage Rates Rise for Second Straight Week, Hitting 7.19%
- Average on 30-year, fixed loan has been above 7% for six weeks
- Demand is cooling off due to higher rates, economist says
The cost to finance a typical listed home has doubled in the past three years due to high rates and home prices, according to Realtor.com.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Mortgage rates in the US rose for the second week in a row.
The average for a 30-year, fixed loan increased to 7.19% from 7.18% last week, Freddie Mac said in a statement Thursday. It’s the sixth straight week that the average rate has hovered above 7%.