LOS ANGELES (AP) — The average long-term U.S. mortgage rate rose this week to its highest level in 10 weeks, a setback for prospective homebuyers ahead of the spring homebuying season.
The average rate on a 30-year mortgage rose to 6.77% from 6.64% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.32%.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also rose this week, pushing the average rate to 6.12% from 5.90% last week. A year ago it averaged 5.51%, Freddie Mac said.
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