Mortgage rates ticked up this week, ending a two-week streak of slight declines. The 30-year fixed-rate mortgage averaged 7.18% in the week ending Sept. 14, up from 7.12% the week before, according to data from Freddie Mac released Thursday. Consider the pain for house hunters: It would cost $5,080 a month to borrow $750,000 at this week’ rate. “The reacceleration of inflation and strength in the economy is keeping mortgage rates elevated,” said Sam Khater, Freddie Mac’s chief economist. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country.

Source: CNN September 14, 2023 16:51 UTC