Average Long-Term US Mortgage Rate Rises to 6.71 Percent in First Increase After 3 Straight Drops
LOS ANGELES—The average long-term U.S. mortgage rate rose this week, snapping a three-week pullback after reaching a high for the year in early June.
Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan rose to 6.71 percent from 6.67 percent last week. A year ago, the rate averaged 5.70 percent.
The increase brings the average rate back to where it was three weeks ago. On June 1, it averaged 6.79 percent, its highest level so far this year.
High rates can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford in a market that remains unaffordable to many Americans after years of soaring home prices and limited housing inventory….