Average long-term US mortgage rate rose this week to 6.77%, highest level in 10 weeks

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — The average long-term U.S. mortgage rate rose this week to its highest level in 10 weeks, a setback for prospective homebuyers ahead of the spring homebuying season. The average rate on a 30-year mortgage rose to 6.77% from 6.64% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.32%. The increase echoes moves in the 10-year Treasury yield, which lenders use as a guide to pricing loans. The yield has risen amid stronger-than-expected reports on inflation, the job market and the overall economy. When mortgage rates rise, they can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford.