Average long-term US mortgage rate climbs back to nearly 7% after two-week slide
The average long-term U.S. mortgage rate climbed back to nearly 7%, just under where it was two weeks ago, pushing up borrowing costs for home shoppers with the spring homebuying season underway
LOS ANGELES (AP) — The average long-term U.S. mortgage rate climbed back to nearly 7%, just under where it was two weeks ago, pushing up borrowing costs for home shoppers with the spring homebuying season underway.
The average rate on a 30-year mortgage rose to 6.87% from 6.74% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.42%. The average rate is now just below where it was two weeks ago.
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Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also rose this week, pushing the average rate to 6.21% from 6.16% last week. A year ago it averaged 5.68%, Freddie Mac said.
