Average long-term US mortgage rate rose this week to 6.77%, highest level in 10 weeks
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
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.
The increase in rates echoes moves in the 10-year Treasury yield, which lenders use as a guide to pricing loans. Stronger-than-expected reports on inflation, the job market and the overall economy have stoked worries among bond investors that the Federal Reserve will wait longer before it begins cutting interest rates.
