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%. High rates can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford in a market already out of reach for many Americans.
The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. More than half the world’s population sees AP journalism every day.File - A sign announces newly built homes in Sudbury, Ma., on March 12, 2023. On Thursday, Freddie Mac reports on this week’s average U.S.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loan, also increased. The average rate rose to 6.78% from 6.72% last week. A year ago, it averaged 5.90%, Freddie Mac said. Home loan applications fell to the lowest level since 1995 last week, according to the Mortgage Bankers Association.
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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