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.
Travis Kelce makes shock flat earth claim, saying '10
Amanda Holden flashes her toned abs in plunging crop top as she wows in daring ensemble
U.S. labor secretary says UAW win at Tennessee Volkswagen plant shows southern workers back unions
Guatemalan prosecutors raid offices of Save the Children charity
Amendments to Missouri Constitution are on the line amid GOP infighting
LIZ JONES: How the past few days have shown us the depth of Kate and Charles's special relationship
Matty Healy breaks his silence over ex Taylor Swift's new album The Tortured Poets Department
Alabama sets July execution date for man convicted of killing delivery driver
Why Pedro Sánchez is mulling his future as Spain's leader
Sacha Baron Cohen breaks his silence after Rebel Wilson's redacted memoir was released in the UK
Brazilian authorities bury deceased migrants who drifted in African boat to the Amazon