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

Why it matters locally: Iowa's housing market, like the rest of the nation, is directly affected by rising mortgage rates, potentially impacting affordability and the pace of home sales for Iowans looking to buy or refinance.

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.