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

Why it matters locally: Rising mortgage rates could impact the affordability of homeownership across Georgia, potentially slowing the housing market in metropolitan areas like Atlanta and surrounding counties.

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.