LOS ANGELES (AP) — The cost of financing a home surged again this week as the average long-term U.S. mortgage rate climbed to its highest level since December 2000, further dimming the affordability outlook for many would-be homebuyers.
The average rate on the benchmark 30-year home loan rose to 7.49 percent from 7.31 percent last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.66 percent.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loan, also increased. The average rate rose to 6.78 percent from 6.72 percent last week. A year ago, it averaged 5.90 percent, Freddie Mac said.
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