Mortgage rates have increased for the seventh consecutive week, reaching a nearly three-year high. The average 30-year fixed-rate mortgage rate is now 7.40%, up from 7.28% the previous week. This rate is the highest since November 16, 2023, when it was 7.44%.

The rise in mortgage rates has impacted the housing market, adding hundreds of dollars in monthly costs for borrowers and limiting purchasing power. As a result, many homebuyers are delaying their purchases.

Further details on the current state of mortgage rates and their effects on the housing market are available from Freddie Mac, the mortgage buyer that reported the rate increase.