Average Long-Term US Mortgage Rate Edges Up To 7.19%

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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