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Ticker: Mortgage rates back above 7%; Court opens door on mortgage escrow interest

Posted on AllSides May 30th, 2024
From The Right

The average rate on a 30-year mortgage moved back above 7% this week, snapping a 3-week trend of reductions and serving up a a setback for home shoppers at a time when the U.S. housing market is already slowing under the strain of rising prices. The rate rose to 7.03% from 6.94% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.79%. This is the first increase after a three-week pullback. The Fed has been holding the federal funds rate at the highest level in...

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