U.S. mortgage rates rose to an almost six-month high toward the end of 2024, according to the Mortgage Bankers Association (MBA).
In the waning days of President Joe Biden’s term, the recent surge in mortgage rates rounds out four years of inflated home prices and high rates that have boxed out many first time home buyers. The average interest rate for 30-year fixed-rate mortgages with loan balances of $766,550 or less jumped to 6.97% over a one week period ending Dec. 27, 2024, which is up from 6.89% the week prior, resulting in a suppressed volume of mortgage applications, according to a Thursday press release from MBA.
The average interest rate for 15-year fixed-rate mortgages also increased in the same period, rising from 6.37% to 6.43%, according to the MBA, marking the highest U.S. mortgage rate since early July 2024, when the average 30-year fixed mortgage rate was…
