U.S. Mortgage Rates, Foreclosures Continue to Climb

U.S. mortgage rates have risen for the second consecutive week, with the average 30-year fixed rate reaching 6.75% and the 15-year fixed rate at 5.93%, according to Freddie Mac. Both rates remain below their 2023 peaks but are above the lows seen earlier in 2024, sustaining affordability challenges for homebuyers. As a result, home sales have dropped to their lowest levels in nearly 30 years, discouraging many potential buyers. Mortgage foreclosures increased 6% in the first half of the year, marking the highest level since 2019, with notable spikes in some states and metro areas. Persistent rate hikes and the rise in foreclosures underscore ongoing strain in the housing market. Economic uncertainty and inflation concerns continue to weigh on both buyers and investors.