30-year average keeps climbing, again setting a new 14-year high.
The mortgage rates have increased for a third consecutive day, more than a quarter of a point from Thursday until Tuesday, and they are now at the second highest rate since 1997.
30-year rates have been rising over the past three days and added another nine points today, but they are still at a relatively high level.
The 15-year average increased 11 basis points on Tuesday, and the new match is at 5.92%.
The average interest rate for a 30-year mortgage is 5.64%. It has increased from 5.56% after jumping 18% Friday.
Refinancing rates dropped for the first time since the purchase rates last lowered. So if you're interested in a new mortgage, it's more expensive to refinance one than start afresh with a new one.
Interest rates have started to rise, with the most considerable contribution coming from summer 2020.
Some new models of mortgage loan holders with lower interest rates at one point in 2020 were reaching 3.5 percentage points above their 2021 average as of June 2022.
In September 2020, interest rates were still rising, and the current rate was 28 points higher than the high reached in June.