Average long-term US mortgage rate rises to 6.43% this week
The average long-term U.S. mortgage rate rose this week for the second week in a row, another setback for homebuyers facing a housing market that remains unaffordable for many Americans after years of soaring home prices
LOS ANGELES (AP) — The average long-term U.S. mortgage rate rose this week for the second week in a row, another setback for homebuyers facing a housing market that remains unaffordable for many Americans after years of soaring home prices.
The average rate on the benchmark 30-year fixed-rate home loan edged up to 6.43% from 6.39% last week, mortgage buyer Freddie Mac said Thursday. A year ago, it averaged 5.10%. Higher rates can add hundreds of dollars a month in costs for homebuyers, on top of already high home prices.
The average rate on a 30-year mortgage fell for five straight weeks before rising last week. The average rate on 15-year fixed-rate mortgages, popular with those refinancing their homes, fell this week to 5.71% from 5.76% a week earlier.
Higher borrowing costs have taken a toll on the housing market over the past year. The spring homebuying season, traditionally the busiest period for home sales, is off to a lackluster start, partly due to the elevated borrowing costs.
