Average long-term mortgage rates rise again, reaching their highest level in 4 weeks

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — The average long-term U.S. mortgage rate rose for the second time in as many weeks, climbing to its highest level in four weeks. The average rate on a 30-year mortgage rose to 6.66% from 6.62% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.33%. The latest increase follows a nine-week string of declines at the end of last year that lowered the average rate after it surged in late October to 7.79%, the highest level since late 2000. Still, the average rate remains sharply higher than just two years ago, when it was 3.45%.