Average long-term US mortgage rate rises to 6.69%, highest level in six weeks
The average long-term U.S. mortgage rate climbed to a six-week high this week, pushing up borrowing costs for homebuyers already facing affordability challenges due to rising housing prices and a shortage of homes for sale
LOS ANGELES — The average long-term U.S. mortgage rate climbed to a six-week high this week, pushing up borrowing costs for homebuyers already facing the challenges of rising housing prices and a shortage of homes for sale.
The average rate on a 30-year mortgage rose to 6.69% from 6.6% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.13%.
As mortgage rates rise, they can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford.
Rates have increased three out of four weeks this month. The latest uptick brings the average rate to its highest level since December 14, when it was 6.95%.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also rose this week, lifting the average rate to 5.96% from 5.76% last week. A year ago, it averaged 5.17%, Freddie Mac said.
Home loan borrowing costs have been mostly easing since late last year, after the average rate on a 30-year mortgage climbed to 7.79%, the highest level since late 2000.
As mortgage rates have come down, so have monthly payments on new home loans.
The national median monthly payment listed on mortgage applications in December fell 3.8% from the previous month to $2,055, the Mortgage Bankers Association reported Thursday. Still, it was up 7.1% from December 2022.
The overall pullback in mortgage rates since their recent peak loosely tracks the moves in the 10-year Treasury yield, which lenders use as a guide to pricing loans. The
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