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Mortgage rates increased this week. The average 30-year fixed mortgage rate is 6.39%, according to Freddie Mac, and the 15-year fixed rate is 5.76%. These are the first rate increases since early March.
Higher rates mean less affordability for homebuyers. A year ago, average 30-year rates were at 5.11%. On a $300,000 home with a 3% down payment, your monthly payment with a 5.11% rate would be $1,581.77. With today's rate, your payment would be $1,818.32 — a difference of over $236 per month.