Average long-term US mortgage rate climbs back to nearly 7% after two-week slide

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — The average long-term U.S. mortgage rate climbed back to nearly 7%, just under where it was two weeks ago, pushing up borrowing costs for home shoppers with the spring homebuying season underway. The average rate on a 30-year mortgage rose to 6.87% from 6.74% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.42%. The average rate is now just below where it was two weeks ago. 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.