Average long-term US mortgage rate climbs to 6.96% this week, matching highest level this year

Tuscaloosa Home Sales Increase

The Associated Press

LOS ANGELES (AP) – The average long-term U.S. mortgage rate rose this week to just under 7%, the latest setback for would-be homebuyers already facing affordability challenges due to a housing market limited by a shortage of homes for sale.

Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan rose to 6.96% from 6.90% last week. A year ago, the rate averaged 5.22%.

It’s the third consecutive weekly increase for the average rate, which now matches its high for the year set on July 13.

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.

Read the full story on AP News right here.

(Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

8/10/2023 12:32:39 PM (GMT -5:00)

Categories: Regional and US News