Average U.S. mortgage rate rises to 7.28%—the highest level in nearly three years

The average long-term U.S. mortgage rate jumped this week to its highest level in nearly three years. The benchmark 30-year fixed-rate mortgage rose to 7.28% from 7.03% last week, mortgage buyer Freddie Mac said Thursday, the biggest leap in several years. A year ago, the average rate was 6.34%. It is the sixth consecutive week that mortgage rates have increased. The average rate is now the highest it’s been since Nov. 22, 2023, when it reached 7.29%. Borrowing costs on 15-year fixed...