Average long-term US mortgage rate climbs to 7.09% this week to highest level in more than 20 years
The average long-term U.S. mortgage rate jumped this week to its highest level in 20 years The average long-term U.S. mortgage rate climbed this week to its highest level in more than 20 years, grim news for would-be homebuyers already challenged by a housing market that remains competitive due to a dearth of homes for sale. Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan rose to 7.09% from 6.96% last week. A year ago, the rate averaged 5.13%. It’s the fourth consecutive weekly increase for the average rate and the highest since early April 2002, when it averaged 7.13%. The last time the average rate was above 7% was last November, when it stood at 7.08%. 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. “With prices even higher than they were a year ago in many markets, crossing the 7% mortgage rate threshold again could be what s...