Average long-term US mortgage rate edges closer to 7%, rising to highest level since early March

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — The average long-term U.S. mortgage rate rose to its highest level in five weeks, a setback for prospective homebuyers during what’s traditionally the busiest time of the year for home sales. The average rate on a 30-year mortgage rose to 6.88% from 6.82% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.27%. Rates have been mostly drifting higher in recent weeks as stronger-than-expected reports on employment and inflation. Many economists still expect that mortgage rates will ease moderately later this year, though most forecasts call for the average rate on a 30-year home loan to remain above 6%.