Mortgage Rates on the Rise: Get the Latest Updates
Current Mortgage Rate Trends
As of today, the national average interest rate for a 30-year fixed-rate mortgage has risen to 6.93% from yesterday's rate of 7.09%. The average rate for a 15-year fixed-rate mortgage is currently 6.21%. These rates reflect a significant increase compared to the lows seen earlier this year.Why Are Mortgage Rates Increasing?
Several factors are contributing to the recent increase in mortgage rates, including: *- The Federal Reserve's decision to raise interest rates to combat inflation
- Increased demand for mortgages as more people are looking to purchase homes
- Limited supply of available homes for sale
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