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

Why it matters locally: The rise in mortgage rates will likely impact the housing market across Texas, potentially affecting affordability and purchasing power for prospective homebuyers in major metropolitan areas and growing communities throughout the state.

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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.