Average Long-Term US Mortgage Rates Rise Again

LOS ANGELES (AP) — The average rate on a 30-year mortgage climbed this week to its highest level in more than five months, pushing up borrowing costs for prospective homebuyers in what’s typically the housing market’s busiest stretch of the year.

The rate rose to 7.22% from 7.17% last week, mortgage buyer Freddie Mac said Thursday.

A year ago, the rate averaged 6.39%.

When mortgage rates rise, they can add hundreds of dollars a month in costs for borrowers.

That limits how much homebuyers can afford at a time when a relatively limited number of homes on the market coupled with heightened competition for the most affordable properties has kept prices marching higher.