Washington CNN —
Mortgage rates drifted higher this week, and could increase further, in a sign that America’s affordability crisis isn’t letting up.
The 30-year fixed-rate mortgage averaged 6.88% in the week ending April 11, up from 6.82% the previous week, according to Freddie Mac data released Thursday. A year ago, the average 30-year fixed-rate was 6.27%.
Rates have mostly held steady in the past several weeks, but they could rise even higher, potentially crossing the uncomfortable psychological threshold of 7%, if inflation proves to be more stubborn than expected.
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