US mortgage rates rise slightly, sending 30-year loans to 6.24%
Published in Business News
Mortgage rates in the U.S. increased for a second week, adding to costs for homebuyers already facing a precarious economy.
The average for 30-year, fixed loans rose slightly to 6.24%, up from 6.22% last week, Freddie Mac said in a statement Thursday.
Homebuyers have been reluctant to jump into the market, even with rates now well below year-ago levels. Signs of economic weakness are leading to more caution, as cost-of-living pressures continue to squeeze budgets.
Pending home sales fell 0.3% from a year earlier during the four weeks ending Nov. 9, the first drop in four months, according to a report from Redfin. Listings are lingering on the market, taking a median of 49 days to go under contract. That’s the longest span for this time of year since 2019, according to the brokerage.
Lisa Sturtevant, chief economist for Bright MLS, said that uncertainty is “a double-edged sword” for the housing market.
“While economic concerns and declining consumer confidence have held many buyers back this year, the outlook for continued uncertainty in 2026 might be leading some buyers to get into the market now to take advantage of rate drops and more inventory,” she said.
©2025 Bloomberg L.P. Visit bloomberg.com. Distributed by Tribune Content Agency, LLC.
Comments