Average rate on a 30-year mortgage in the US rises to highest level since July

AP Business Writer

The average rate on a 30-year mortgage in the U.S. edged closer to 7% this week, climbing to its highest level since July. Mortgage buyer Freddie Mac said Thursday that the rate rose to 6.84% from 6.78% last week. That’s still down from a year ago, when the rate averaged 7.29%. When mortgage rates increase they can add hundreds of dollars a month in costs for borrowers. The average rate on a 30-year mortgage has been mostly rising since sliding to a two-year low of 6.08% in late September. Elevated mortgage rates and high prices have helped keep the U.S. housing market in a sales slump going back to 2022.