The cost of financing a home surged again this week as the average long-term U.S. mortgage rate climbed to its highest level since December 2000, further dimming the affordability outlook for many would-be homebuyers.
The average rate on the benchmark 30-year home loan rose to 7.49% from 7.31% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.66%.
The combination of elevated rates and low home inventory has worsened the affordability crunch by keeping home prices near all-time highs even asversus the same stretch in 2022. This is the fourth consecutive week that mortgage rates have moved higher. The weekly average rate on a 30-year mortgage has remained above 7% since mid-August and is now at the highest level since Dec. 8, 2000, when it averaged 7.57%.
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