Mortgage Rates are Up Year Over Year

(Undated) – As 2024 comes to a close, mortgage rates are up. According to recent data released from Freddie Mac, for the week ending December 26th, average 30-year fixed-rate mortgages climbed to 6.89%, the highest level since mid-July. It dipped as low as 6.08% in September, a 2-year low, and as high as 7.22% in May. Experts say the increase reflects the recent jump in the bond yields which lenders use as a guide to price home loans.