Average long-term US mortgage rate climbs to 6.81% this week to highest level since November
The average long-term U.S. mortgage rate climbed this week to a new high for the year, pushing up borrowing costs for prospective homebuyers already facing heightened competition in a housing market short on homes for sale LOS ANGELES -- The average long-term U.S. mortgage rate climbed to a new high for the year this week, pushing up borrowing costs for homebuyers already facing heightened com Pet ition in a housing market short on homes. The average rate on the benchmark 30-year home loan rose to 6.81% from 6.71% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 5.30%. It's the second consecutive week of higher rates, lifting the average rate to its highest level since it surged to 7.08% in early November. High rates can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford in a market already unaffordable to many Americans. "These high rates combined with low inventory continue to price many potential hom...