Soaring mortgage rates have made the prospect of buying a home more expensive for Americans — many of whom are already fed up with the state of the housing market.
Freddie Mac reported Thursday that the average rate on a 30-year fixed-rate mortgage was 3.69% for the week ended Feb. 10, up 14 basis points from the previous week.
This is the highest level of the benchmark mortgage rate since January 2020, before the COVID-19 pandemic officially reached the United States.
Meanwhile, 15-year fixed-rate mortgages rose an average of 16 basis points to 2.93%. The average 5-year Treasury-indexed adjustable-rate mortgage rate was 2.8%, up 9 basis points from the previous week.