Average long-term US mortgage rate rises modestly this week, holding just below 7% | KLRT [Video]

LOS ANGELES (AP) — The average long-term U.S. mortgage rate rose modestly this week, holding below 7% as it has for much of this year.

The average rate on a 30-year mortgage rose to 6.82% from 6.79% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.28%.

When mortgage rates rise, they can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford in a market already out of reach for many Americans.

Rates have been drifting higher and lower in recent weeks, often from one week to the next. The average rate for the benchmark 30-year mortgage is now just below where it was two weeks ago.

After climbing to a 23-year high of 7.79% in October, the average rate on a 30-year mortgage has remained below 7% since early December, though it also hasn’t gone below the …