U.S. mortgage rates continue ascent above 7%

U.S. mortgage rates jumped beyond the 7% mark this week, according to Freddie Mac.

Freddie Mac reports the 30-year fixed mortgage rate averaged 7.17% for the week ending April 25 — up from 7.10% last week. A year ago, mortgage rates averaged 6.43%.

Mortgage rates factor into home sales and the refinance market and higher rates are impacting housing-related activity.

“Mortgage rates continued rising this week,” said Sam Khater, Freddie Mac’s chief economist. “Despite rates increasing more than half a percent since the first week of the year, purchase demand remains steady. With rates staying higher for longer, many homebuyers are adjusting, as evidenced by this week’s report that sales of newly built homes saw the biggest increase since December 2022.”

Dayton-area home sales have been climbing recently. For example, local home and condo transactions climbed in January, February and most recently in March.

And local housing projects continue to bubble up. For example, a $30 million residential community is slated for Beavercreek and a $35 million housing project is coming to Yellow Springs. Plus, several housing projects recently landed $6 million in federal funds.

Note: Click here for more.