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Average long-term US mortgage rate climbs above 7% to highest level since late November
Prospective homebuyers are facing higher costs to finance a home with the average long-term U.S. mortgage rate moving above 7% this week to its highest level in nearly five months.
The average rate on a 30-year mortgage rose to 7.1% from 6.88% last week‚ mortgage buyer Freddie Mac said Thursday. A year ago‚ the rate averaged 6.39%.
When mortgage rates rise‚ they can add hundreds of dollars a month in costs for borrowers‚ limiting how much they can afford at a time when the U.S. housing...
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