U.S. 30-Year Mortgage Rate Reaches Highest Point in a Year

Why it matters locally: The rising mortgage rates will directly impact the housing market within the District of Columbia, potentially affecting affordability and purchasing power for residents seeking to buy homes or refinance existing mortgages.

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The average interest rate for a 30-year fixed-rate mortgage in the United States increased to 6.66%, mortgage buyer Freddie Mac announced Thursday. This represents a rise from 6.58% in the previous week. One year ago, the average rate for this type of mortgage stood at 6.72%. The current rate now exceeds all weekly averages recorded since that time.