LOS ANGELES — The average long-term U.S. mortgage rate climbed this week to its highest level since November, driving up borrowing costs for would-be homebuyers at a time when the housing market is being held back by a near record-low inventory of homes on the market.
Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan rose to 6.79% from 6.57% last week. A year ago, the rate averaged 5.09%.
The latest increase marks the third in three weeks and lifts the average rate on a 30-year home loan to its highest level since it surged to 7.08% in early November.
The average rate on 15-year fixed-rate mortgages, popular with those refinancing their homes, rose to 6.18% this week from 5.97% last week. A year ago, it averaged 4.32%, Freddie Mac said.
To continue reading the rest of the article, please click on the source link below:
https://abcnews.go.com/Business/wireStory/average-long-term-us-mortgage-rate-climbs-679-99761819
© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.
