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30-year fixed mortgage rates near 7% as effective costs rise
Mortgage News Daily reports its daily rate index reached the 6.9% range for the first time in more than a year, while many borrowers are already seeing 7% or higher due to upfront costs.
Mortgage rates are hovering near the 7% mark for borrowers, with Mortgage News Daily citing its daily index hitting the 6.9% range for the first time in more than a year.
The outlet notes that comparisons can be misleading because its daily rate index includes upfront costs, while Freddie Mac's weekly survey rate does not. MBA's weekly rate survey also collects separate inputs for rates versus upfront costs.
As a result, even if headline rates align with national averages, the effective rate a borrower pays can be higher once additional upfront costs are included, and many borrowers are already seeing rates at 7% or above, the outlet said.