The 30-year fixed-rate mortgage rate continues to be on an upward trajectory, according to Freddie Mac. This week, it calculated the rate to be 6.96%, a slight increase from the prior period. With many lenders’ repricing of mortgages at higher rates, the pressure on the 30-year fixed-rate mortgage has been building.

Housing economists believe that the upward momentum of the 30-year fixed-rate mortgage could begin to turn. Factors like low mortgage rates, a positive outlook on the job market, and an increase of home buyers entering the market could potentially decrease the rate in the upcoming months. Other potential factors such as market behavior in regard to the upcoming Treasury auctions could also influence the mortgage rate.

Key Points:
• 30-year fixed-rate mortgage rate increased to 6.96%
• Lenders repricing of mortgages at higher rates has been building pressure
• Positive outlook on job market and increased home buyers could reduce rate
• Factors like Treasury auctions could also influence mortgage rate

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