U.S. Mortgage Rates Rise, Ending Three-Week Streak of Decline

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After falling for three consecutive weeks, the average long-term U.S. mortgage rate picked back up in the last week of June. In the week-ending June 29, the benchmark 30-year mortgage interest rate averaged 6.71%, based on applications submitted to Freddie Mac from lenders across the country. That rate was up from 6.67% the previous week but below the two-decade high of 7.08% recorded in fall 2022. Still, the average long-term U.S. mortgage rate remains above the year-earlier rate of 5.7% and well above the historic low of 2.65% in early January 2021. Rates have now hovered in the 6% to 7% range for more than nine months. This stretch of rates consistently above 6% hasn’t happened since 2008. For perspective, during the five years leading up to the pandemic (2015-2019), the 30-year fixed-rate mortgage interest rate ranged from 3.41% to 4.94%, averaging 3.99%.