Mortgage Rates Hit Highest Level in a Year as Home Prices Soar

The average long-term U.S. mortgage rate rose for the fourth consecutive week to its highest level in a year, another setback for prospective homebuyers hoping for a break from elevated home loan borrowing costs.

The benchmark 30-year fixed rate mortgage rate rose to 6.66 percent from 6.58 percent last week, mortgage buyer Freddie Mac said Thursday. One year ago, the average rate was 6.72 percent.

Higher mortgage rates can add hundreds of dollars a month in costs for borrowers, limiting homebuyers’ purchasing power. As rates rise, that can lead prospective home shoppers to delay buying a home, one reason U.S. home sales have been sluggish this year.

Please select this link to read the complete article from The Associated Press.