Average 30-year mortgage rate climbs to highest level in 13 months
Mortgage rates rose again this week, driving the average long-term U.S. home loan rate to its highest level in more than a year. The benchmark 30-year fixed rate mortgage rate rose 6.71% from 6.66% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the average rate was 6.50%. Higher mortgage rates can add hundreds of dollars a month in costs for borrowers, limiting homebuyers’ purchasing power. As rates rise, that can lead prospective home shoppers to delay buying a home, one reason U.S. home sales remain in a rut this year. The average rate is now the highest ...