Mortgage fees will rise again
The mortgage rate has risen for the second consecutive week.
According to data from Freddie Mac, the average rate for fixed mortgages for 30 years was 6.75% until Wednesday, up from 6.68% the previous week. The average 15-year fixed mortgage rate was 5.92%, up from 5.86% last week.
“This week, the 30-year fixed-rate mortgage has been inched and remains within a narrow range of less than 7%. The overall affordable headwinds will last, but the rate stability combined with moderately rising stock could sway future buyers as they act.
learn more: Will the mortgage fee be lowered? Prediction after a 2-week increase.
Mortgage rates continued to rise last week after 10 years of Treasury yields on tariff uncertainty rose.
According to data from the Mortgage Bankers Association, the volume of mortgage applications fell 10% compared to a week ago, the sharpest decline in nearly three months, eliminating a 9.4% increase from the previous week. The application of home refinance options has also decreased.
“The purchase application has been sensitive to both uncertain economic outlook and rate volatility, and has slowed to its slowest pace since May,” said Joel Kang, Associate Chief Economist for the MBA.
in June Jobs Report The mortgage rate is expected to remain within the 6% to 7% range until 2025, as the Bureau of Labor Statistics points to strong employment and the unlikely that the Fed will be cut in July.
read more: How to find the lowest mortgage fees at the moment
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