Average long-term US mortgage rate climbs for fourth straight week to highest level since November

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — The average long-term U.S. mortgage rate climbed this week to its highest level since late November, another setback for home shoppers in what’s traditionally the housing market’s busiest time of the year. The average rate on a 30-year mortgage rose to 7.17% from 7.1% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.43%. The average rates has now increased four weeks in a row. When mortgage rates rise, they can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford.