Average long-term US mortgage rate jumps to 6.5% this week

By MATT OTT
AP Business Writer

The average long-term U.S. mortgage rate jumped this week to its highest level since November, more bad news for a housing market that’s been in decline for a year. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate rose to 6.5% from 6.32% last week. The average rate a year ago was 3.89%. The big rise in mortgage rates during the past year has battered the housing market, with sales of existing homes falling for 12 straight months to the slowest pace in more than a dozen years.