Average long-term US mortgage rate rises for again, reaching highest level more than five months
The average rate on a 30-year mortgage climbed this week to its highest level in more than five months, pushing up borrowing costs for prospective homebuyers in what’s typically the housing market’s busiest stretch of the year
By Alex Veiga
Published - May 02, 2024, 12:25 PM ET
Last Updated - May 27, 2024, 01:04 AM EDT
LOS ANGELES (AP) — The average rate on a 30-year mortgage climbed this week to its highest level in more than five months, pushing up borrowing costs for prospective homebuyers in what's typically the housing market's busiest stretch of the year.
The rate rose to 7.22% from 7.17% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.39%.
When mortgage rates rise, they can add hundreds of dollars a month in costs for borrowers. That limits how much homebuyers can afford at a time when a relatively limited number of homes on the market coupled with heightened competition for the most affordable properties has kept prices marching higher.
