US mortgage rates ticked up this week, ending a two-week streak of slight declines. Rates have remained over 7% for five consecutive weeks as inflation pressure continues to linger.
The 30-year fixed-rate mortgage averaged 7.18% in the week ending September 14, up from 7.12% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 6.02%.
“The reacceleration of inflation and strength in the economy is keeping mortgage rates elevated,” said Sam Khater, Freddie Mac’s chief economist.
The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. The survey includes only borrowers who put 20% down and have excellent credit.
This story is developing and will be updated.