Average long-term US mortgage rate rises to 6.71% in first increase after three straight drops
The average long-term U.S. mortgage rate rose this week, snapping a three-week pullback after reaching a high for the year in early June
By ALEX VEIGA
Published - Jun 29, 2023, 12:27 PM ET
Last Updated - Jun 29, 2023, 12:27 PM EDT
LOS ANGELES (AP) — The average long-term U.S. mortgage rate rose this week, snapping a three-week pullback after reaching a high for the year in early June.
Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan rose to 6.71% from 6.67% last week. A year ago, the rate averaged 5.70%.
The increase brings the average rate back to where it was three weeks ago. On June 1, it averaged 6.79%, its highest level so far this year.
High rates can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford in a market that remains unaffordable to many Americans after years of soaring home prices and limited housing inventory.
