Mortgage Rates Close In on 4%, Making Home Affordability Tougher

Mortgage rates hit their highest level in almost three years, further straining affordability in a market where prices have risen steeply.

The average rate for a 30-year fixed-rate loan was 3.92% for the week ended Thursday, according to mortgage-finance giant Freddie Mac , up from 3.69% a week earlier. That is the highest level since May 2019.