Mortgage rates leap above 7% for first time this year

Mortgage rates climbed above 7% this week for the first time in 2024, continuing their upward trajectory and putting further pressure on the housing market.

Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage jumped to 7.10% this week from 6.88% last week. The average rate on a 30-year loan was 6.39% a year ago.

The average rate on the 15-year fixed mortgage rose to 6.39% from 6.16% last week. One year ago, the rate on the 15-year fixed note averaged 5.76%.