Average long-term US mortgage rates inch up to 6.48%

By MATT OTT
AP Business Writer

WASHINGTON (AP) — The average long-term U.S. mortgage rate rose for the second straight week following six weeks of declines that had given prospective homebuyers a glimmer of hope. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate inched up to 6.48% this week from 6.42% last week. A year ago the average rate was 3.22%, less than half of the current average rate. The average long-term rate reached a two-decade high of 7.08% in late October and again in early November as the Federal Reserve continued to crank up its key lending rate.