Investing.com — U.S. mortgage rates rose to a new six-month high this week, a development that, coupled with high house prices, could further limit potential homebuyers, according to Freddie Mac (OTC:FMCC) on Thursday.
The average interest rate on the widely used 30-year fixed-rate mortgage rose to 6.93%, the highest rate since early July, Freddie Mac said.
“The continued strength of the economy has put upward pressure on mortgage rates, and along with high home prices, continues to impact housing affordability,” according to Sam Khater, Freddie Mac’s chief economist.
A year ago, during the same period, the average rate was 6.66%.
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