Mortgage rates climb for 4th straight week

Mortgage rates in the U.S. continue to climb, for the fourth week in a row.

Mar 2, 2023 5:49 PM EST

Tori Adams,

COLUMBIA, S.C. (WOLO)— Mortgage rates in the U.S. continue to climb, for the fourth week in a row.

According to data from Freddie Mac, the 30-year fixed-rate mortgage averaged 6.65% this week which is up from 6.5% the week before.

One year ago, the 30-year fixed-rate was 3.76%. Rates began to decline after hitting 7.8% in November but have been rising again by about half a percentage point per month.

Also according to data released yesterday, mortgage applications fell for the third week in a row and sit at a 28-year low for the second straight week.