Average long-term mortgage rates edge higher, snapping 9-week slide

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — The average long-term U.S. mortgage rate edged higher this week, ending a nine-week slide that gave prospective homebuyers some breathing room after home loan borrowing soared to the highest level in more than two decades. The average rate on a 30-year mortgage inched up to 6.62% from 6.61% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.48%. This week’s slight increase in the average rate on a 30-year home loan follows a sharp pullback in mortgage rates since late October, when its climbed to 7.79%, the highest level since late 2000.