Average Long-Term US Mortgage Rate Edges Up To 7.19%
September 21, 2023 9:59AM PDT
Credit: MGN
LOS ANGELES (AP) — The average long-term U.S. mortgage rate edged up again this week, another setback for would-be homebuyers navigating an increasingly less affordable housing market.
The average rate on the benchmark 30-year home loan rose to 7.19% from 7.18% last week, mortgage buyer Freddie Mac said Thursday.
A year ago, the rate averaged 6.29%.
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.
They also discourage homeowners who locked in low rates two years ago from selling.
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