Average US long-term mortgage rate inches up to 6.93% this week for fourth straight increase The average long-term U.S. mortgage rate ticked up again this week, remaining at its highest level since July.
Interest rates have been climbing since the Federal Reserve signaled last month that it expects to raise its benchmark rate just twice this year, down from the four cuts it forecast in September.
The benchmark 30-year fixed rate loan rate rose to 6.93% from 6.91% last week, according to mortgage giant Freddie Mac.
While sales of previously occupied U.S. homes rose in November for the second straight month, the housing market remains in a slump and on track for its worst year since 1995.
The Fed is tapping the brakes on rate cuts because inflation remains stubbornly above the central bank’s 2% target, even though it’s fallen from its mid-2022 peak.
