U.S. 30-Year Mortgage Rate Rises to 6.49%, Freddie Mac Data Shows

U.S. mortgage rates edged higher as the spring home-selling season neared its end. According to Jin10, Freddie Mac said in a Thursday statement that the average rate on a 30-year fixed-rate mortgage rose to 6.49% from 6.47% a week earlier. Freddie Mac said the rate was 6.77% a year earlier. Elevated borrowing costs have continued to weigh on the housing market, after conflict in the Middle East pushed up energy prices and inflation, contributing to higher borrowing costs. The development came during the peak selling season, adding to anxiety among buyers and sellers. Redfin data showed that in the week ending June 21, the number of newly listed homes fell 1.7% from the prior week, marking the lowest level since February. Zillow senior economist Kara Ng said mortgage rates around 6.5% remained better than a year earlier and continued to provide some support for homebuyers, but were not enough to deliver a major improvement in affordability. Zillow forecast that mortgage rates would stay in a 6.4% to 6.5% range throughout the summer, then gradually ease to around 6.2% by the end of the year.