Average long-term US mortgage rate climbs back to nearly 7% after two-week slide [Video]

FILE – A development of new homes is shown in Middlesex Township, Pa., on Apr. 19, 2023. On Thursday, March 21, 2024, Freddie Mac reports on this week’s average U.S. mortgage rates. (AP Photo/Gene J. Puskar, File) (Gene J. Puskar, Copyright 2023 The Associated Press. All rights reserved)

LOS ANGELES – The average long-term U.S. mortgage rate climbed back to nearly 7% this week, pushing up borrowing costs for home shoppers with the spring homebuying season underway.

The average rate on a 30-year mortgage rose to 6.87% from 6.74% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.42%. The average rate is now just below where it was two weeks ago.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also rose this week, pushing the average rate to 6.21% from 6.16% last week. A year ago it averaged 5.68%, Freddie Mac …

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