Prospective homebuyers are facing a tougher road to affordability as the benchmark 30-year fixed mortgage rate climbed to 6.71 percent this week, its highest level in more than a year, according to Freddie Mac. The increase from 6.66 percent the prior week may seem modest on the surface, but it translates into meaningfully higher monthly payments on a typical home loan, squeezing budgets for buyers already stretched thin by elevated prices. The uptick underscores how stubbornly high borrowing costs have remained, complicating the Federal Reserve's efforts to cool the housing market and raising questions about whether rates have finally found a ceiling or are poised to climb further.
The 30-year mortgage rate reached its highest mark in more than a year Thursday, portending lower purchasing power for prospective homebuyers. The benchmark 30-year fixed mortgage rate is 6.71 percent this week, up from 6.66 percent a week ago, Freddie Mac reported Thursday. That is the highest point for the 30-year rate since the week...
