According to mortgage lender Freddie Mac, the interest rate on the most common type of mortgage, a 30-year fixed-rate mortgage, is now averaging 7.4 percent.
A year ago, the average interest rate was 6.27 percent, an increase of 18 percent.
The average interest rate is now at its highest level since November 2023, when it was 7.44 percent.
A 15-year fixed-rate mortgage is averaging 6.71 percent in interest. That was down from 6.73 percent the previous week but well above the 5.52 percent rate a year ago.
Mortgage rates have risen since the end of February, when the US conflict with Iran began, pushing up oil prices and fueling inflation.
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