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

Why it matters locally: The rising mortgage rates reported by Freddie Mac will directly affect the affordability of homes for Missouri residents and could influence the state's housing market, impacting both prospective buyers and real estate activity.

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.