US 30-year mortgage rates edge up to 7.373% squeezing buyers
Mortgage rates in the US have edged up again, now averaging 7.373% for a 30-year fixed-rate loan.
It's only a tiny bump from before, but it still makes things tougher for anyone hoping to buy a home, especially if you're looking at long-term loans.
A $300,000 mortgage totals about $745,778.38
If you took out a $300,000 mortgage at today's rate, you'd pay about $445,778.38 in interest over 30 years, bringing your total to roughly $745,778.38 (and that's before taxes or insurance).
Even small rate increases like this can make homeownership feel further out of reach for many homebuyers.
Mortgage rates diverge from Federal Reserve
Mortgage rates don't always follow the Federal Reserve exactly. They're influenced by things like Treasury yields and inflation too.
The Fed recently raised its own rate, and while its next meeting is coming up soon, mortgage rates will keep doing their own thing based on the bigger economic picture.