Mortgage Rates Rise Again, Moving Up to 6.73%

 

How Much can you afford?By Matt Ott

It’s the fifth weekly increase in a row. Last week, the 30-year, fixed-rate loan averaged 6.65%. One year ago, it was 3.85%.

WASHINGTON – The average long-term U.S. mortgage rate rose for the fifth straight week to its highest level since breaching 7% in November, just as the spring buying season gets ready to kick off.

Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate climbed to 6.73% from 6.65% last week. The average rate a year ago was 3.85%.

The average long-term rate hit 7.08% in the fall – a two-decade high – as the Federal Reserve continued to raise its key lending rate in a bid to cool the economy and quash persistent, four-decade high inflation. READ MORE...