US Mortgage Rates Rise for 2nd Week

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The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) in the US edged up to 6.81% in the first week of 2024 from 6.76% in the previous week, according to data from the Mortgage Bankers Association. It is the second consecutive increase in borrowing costs, but remaining below a 23-year high of 7.90% reached in mid-October. “Mortgage rates and applications have been volatile in recent weeks and overall activity remains low”, Joel Kan, an MBA economist, said.

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