US 30-Year Mortgage Rate Hits 7.28%, Highest Level in Nearly Three Years

Data from Fannie Mae indicates that the average interest rate for a 30-year fixed mortgage in the U.S. rose to 7.28% this week, marking the highest level since November 2023. The 15-year fixed mortgage rate also increased to 6.6%. High interest rates continue to weigh on the housing market, with existing home sales in August falling 2% month-over-month to an annualized rate of 3.98 million units.