The average U.S. 30-year mortgage rate ticked up this week after a five-week decline, according to the Associated Press. The long-term rate rose to 6.72% from 6.67% last week, mortgage buyer Freddie Mac said, and a year ago it averaged 6.89%.
Borrowing costs on 15-year fixed-rate mortgages also edged up, with the average rate increasing to 5.86% from 5.80% last week. One year ago, it was 6.17%.
Borrowers can face hundreds of dollars per month in costs and reduced purchasing power as a result of high mortgage rates. Among other factors, this has kept the U.S. housing market in a sales slump dating back to 2022, when mortgage rates began their climb from rock-bottom lows reached during the COVID-19 pandemic.
