30-Year Mortgage Rate Reaches 7.28 Percent, Freddie Mac Reports

Why it matters locally: The increase in 30-year mortgage rates could affect housing affordability and demand for prospective homebuyers across Montana, potentially impacting the state's real estate market.

The average interest rate for a 30-year fixed-rate mortgage reached 7.28% on Thursday, Freddie Mac reported. This new figure marks the highest point for the benchmark mortgage in almost three years. A year prior, the average rate stood at 6.34%. Freddie Mac, a government-sponsored enterprise that purchases mortgages from lenders, releases weekly updates on mortgage rates. These rates serve as a common reference point for prospective homebuyers and the housing market.