LOS ANGELES (AP) — The average long-term U.S. mortgage rate climbed this week to its highest level since late November, another setback for home shoppers in what’s traditionally the housing market’s busiest time of the year.
The average rate on a 30-year mortgage rose to 7.17% from 7.1% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.43%.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also rose this week, lifting the average rate to 6.44% from 6.39% last week. A year ago, it averaged 5.71%, Freddie Mac said.
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 market remains constrained by relatively few homes for sale and rising home prices.
Bryce Harper homers in return from daughter's birth as Phillies beat Reds 5
I used ChatGPT to go on hundreds of Tinder dates
Missed the 2024 solar eclipse? Here's when and where you can see the next one
NHS waiting lists fall for fifth month in a row as Rishi Sunak says 'our plan is working'
Mining giant BHP Billiton makes $39 billion bid for Anglo American to expand copper operations
I lifted 200kg weights two days before giving birth
Georgia Steel risks an awkward run
I was uninvited to my best friend's wedding
Kentucky appeals court denies Bob Baffert
London restaurant transforms into Charlie and the Chocolate factory
Arkansas woman pleads guilty to selling 24 boxes of body parts stolen from cadavers
Hundreds fined, cars impounded at weekend street race meet