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

Why it matters locally: The increase in mortgage rates is likely to affect the housing market across Colorado, potentially impacting affordability and buyer demand in major metropolitan areas such as Denver and Colorado Springs, as well as in more rural counties like Garfield and Jefferson.

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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.