The average rate on a 30-year mortgage in the U.S. edged closer to 7% this week, climbing to its highest level since July.

The rate rose to 6.84% from 6.78% last week, mortgage buyer Freddie Mac said Thursday. That’s still down from a year ago, when the rate averaged 7.29%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their home loan to a lower rate, also ticked up this week. The average rate rose to 6.02% from 5.99% last week. A year ago, it averaged 6.67%, Freddie Mac said.

 

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Average rate on a 30-year mortgage in the U.S. rises – The Tri-City Record