The average rate for a 30-year fixed mortgage in the United States increased modestly for the second consecutive week, according to data released Thursday by Freddie Mac. Despite the rise, the rate remains close to its lowest point observed in over three years.
Freddie Mac’s report highlights that while mortgage rates have edged upward, they continue to offer relatively favorable borrowing costs compared to recent years.
**Why this matters**
Mortgage rates directly impact the cost of home loans, influencing affordability for buyers and refinancing decisions for current homeowners. Rates near multi-year lows can encourage more borrowing and support the housing market, while even small increases may affect monthly payments and overall demand.