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US mortgage rates hit 7%, highest 30-year rate since May 2024
Posted on January 17, 2025 |
The 30-year fixed-rate mortgage went up to 7.04% this week from 6.93% last week and 6.60% a year ago.
The 15-year fixed-rate mortgage rose to 6.27%, compared to 6.14% last week and 5.76% a year ago.
Mortgage rates have increased for the fifth week in a row, with the 30-year rate crossing 7% for the first time since May 2024.
The strong economy is causing mortgage rates to rise.