Average 30-year mortgage rate reaches 7.4 percent

What happened

The average 30-year mortgage rate rose to 7.4 percent this week, the highest level since November. This increase marks a rise of 12 basis points from last week's rate of 7.28 percent. The rate has now increased for seven consecutive weeks, according to Freddie Mac.

Why it matters

Changes in mortgage rates can impact home affordability and the housing market.

How this story affects people

How does this story affect you if you are shopping for a mortgage?

This increase in mortgage rates means higher monthly payments for new borrowers, making it more challenging to afford a home. As rates continue to rise, potential homebuyers may need to adjust their budgets or reconsider their purchasing decisions.

How does this story affect you if you are a current homeowner considering refinancing?

With mortgage rates now at 7.4 percent, refinancing your existing mortgage could lead to higher interest costs. This may deter homeowners from refinancing, impacting their ability to lower monthly payments or access home equity.

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