The 30-year home mortgage rate hits 6.7%, highest since 2007

Luke Sharrett / Bloomberg via Getty Images fileAverage 30-year U.S. mortgage rates have hit 6.7%, the highest level since 2007, mortgage giant Freddie Mac reported Thursday.

The latest measure represents an increase from 6.29% seen last week. There remains a large dispersion in rates, Freddie Mac said, with some lenders having breached 7%, according to"This means that for the typical mortgage amount, a borrower who locked-in at the higher end of the range would pay several hundred dollars more than a borrower who locked-in at the lower end of the range," Freddie Mac said Thursday.

This time last year, mortgage rates were at less than 3%. The surge in home borrowing costs has been sparked by the Federal Reserve’s, including demand for loans. The higher mortgage rates mean it’s now costlier to buy a home with a 30-year bank loan, the main reason the S&P CoreLogic Case-Shiller index showed Tuesday that home prices in 20 large U.S. cities fell for the first time since March 2012, declining by 0.44% in July.Mortgage rates tend to follow the prices of bond yields, which have also surged. Tuesday, they climbed to nearly 4%, approaching their highest levels since summer 2008.

If bond yields continue to move higher, mortgage rates will, too, said Matt Graham, the founder and CEO of MBS Live mortgage data group."We may already be looking at the ceiling levels for mortgage rates unless Treasuries manage to press significantly" higher, Graham said in an email.

Great job Democrats

Joke Biden’s America

Damn, ours is 6.25 I thought that was high but I guess we actually got a good rate...

In a year , from 19 to 27 % of median monthly income BBB 💩

Historically not a terrible rate, but when housing prices are still reflecting 3% rates and a WFH shifting pandemic? I wouldn’t buy now, I’d wait for these rates to permeate the market and for prices to normalize.

I remember having a mortgage much higher.

Biden is the worst

My brother who is in real estate said they are probably going to go up to 7.77%

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