The average long-term U.S. mortgage rate reached its highest point since December 2000, nearly 23 years ago, further impacting the affordability of homes for potential buyers.
According to Freddie Mac, the benchmark 30-year home loan saw an increase, rising from 7.31% to 7.49% this week, compared to an average of 6.66% a year ago.
Borrowing costs for 15-year fixed-rate mortgages, often chosen by homeowners for refinancing, also saw a rise from 6.72% to 6.78%, compared to an average of 5.90% a year ago.