US mortgage rates rose this week for the sixth straight week, marking new highs not seen in 15 years, before a crash in the housing market triggered the Great Recession.
Mortgage buyer Freddie Mac reported on Thursday that the average on the key 30-year rate climbed to 6.7% from 6.29% last week. By contrast, the rate stood at 3.01% a year ago.
The average rate on 15-year, fixed-rate mortgages, popular among those looking to refinance their homes, jumped to 5.96% from 5.44% last week.
Rapidly rising mortgage rates threaten to sideline even more homebuyers after more than doubling in 2022. Last year, prospective homebuyers were looking at rates well below 3%.
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