30-Year Mortgage Rates More than Double from Last Year to 6.29 Percent

The average rate on the 30-year fixed mortgage reached 6.29 percent this week, more than double the average 2.88 percent recorded last year, said Freddie Mac.

“The housing market continues to face headwinds as mortgage rates increase again this week, following the 10-year Treasury yield’s jump to its highest level since 2011,” said Sam Khater, Freddie Mac’s chief economist in a statement.

“Impacted by higher rates, house prices are softening, and home sales have decreased. However, the number of homes for sale remains well below normal levels.”

*30-year fixed-rate average: 6.29%, up from 6.02% last week and 2.88% a year ago.

*15-year fixed-rate average: 5.44%, up from 5.21% a week ago and 2.15% last year.

*5-year ARM: 4.97%, up from 4.93% a week ago and 2.43% last year.