People looking to buy or sell a home this spring are paying close attention to mortgage rates. The average 30-year, fixed-rate mortgage rose to 7.17% for the week ended April 25, according to Freddie Mac data via the Federal Reserve. The rate was 7.10% the prior week. Buyers and sellers may not see any relief soon. It remains unclear when the Fed might make its first rate cut.
For example, a homebuyer hoping to secure a $400,000, 30-year fixed-rate mortgage might have gotten a rate of about 6.82% in early April, according to Freddie Mac and Fed data. That works out to a monthly mortgage payment of around $2,613. Two weeks later, rates were hovering at 7.10%. That slightly higher rate adds $75 to the monthly mortgage payment, or $27,000 over the life of the loan.