Mortgage rates have risen this week, making home loans more costly for prospective buyers. The average rate for a 30-year fixed mortgage has climbed to 6.73%, up from 6.63% the previous week. This marks an increase of 0.10 percentage points in just one week.
The 30-year fixed mortgage is the most common home loan in the US. At a 6.73% rate, a $100,000 30-year fixed mortgage would cost about $647 a month in principal and interest. The average rate for a 15-year fixed mortgage also went up. It rose to 5.87% from 5.78% last week. This was an increase of 0.09 percentage points in one week, according to the Mortgage Research Center.
So, the higher rate could affect many homebuyers.
The average rate for a 30-year fixed jumbo mortgage is now 6.80%, up from the previous week’s rate by 0.07 percentage points, according to the Mortgage Research Center, cited by Forbes. In most US areas, the 2026 conforming loan limit is $832,750. Jumbo mortgage rates also moved higher. Jumbo mortgages are loans that are larger than the standard conforming loan limit. Inflation is one of the key factors. If inflation starts easing, the Federal Reserve could have more room to lower interest rates. That could eventually put downward pressure on mortgage rates. The health of the US economy also matters. If economic growth weakens significantly, the Fed could cut rates to support the economy, potentially helping mortgage rates decline.
