Average U.S. mortgage rate hits highest level in nearly 3 years

Mortgage rates marched higher for the seventh week in a row, driving the average long-term U.S. home loan rate to its highest level in nearly three years. The benchmark 30-year fixed-rate mortgage climbed to 7.40% from 7.28% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the average rate was 6.30%. The average rate is now the highest it’s been since Nov. 16, 2023, when it was at 7.44%. The housing market has been stuck in a rut this year in large part becau...