Home loan borrowing costs rose for the fifth straight week, keeping the average long-term U.S. mortgage rate at its highest level in more than two decades and taking another bite out of prospective homebuyers’ purchasing power. The average rate on the benchmark 30-year home loan rose to 7.57% from 7.
A sale sign stands outside a condominium complex along Speer Boulevard Wednesday, Sept. 27, 2023, in Denver. On Thursday, Freddie Mac reports on this week’s average U.S. mortgage rates. LOS ANGELES — Home loan borrowing costs rose for the fifth straight week, keeping the average long-term U.S. mortgage rate at its highest level in more than two decades and taking another bite out of prospective homebuyers’ purchasing power.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loan, also increased. The average rate rose to 6.89% from 6.78% last week. A year ago, it averaged 6.09%, Freddie Mac said. The elevated rates combined with a near-historic low level of homes for sale nationally has worsened homebuyers’ affordability crunch by keeping home prices near all-time highs even as
Home loan purchase applications have fallen to multi-decade lows and are now nearly 20% below last year’s pace, according to the Mortgage Bankers Association. However, there’s been a pickup in applications for adjustable-rate mortgages.
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