Average mortgage rate climbs to nearly 7-month high
The average long-term US mortgage rate has climbed to its highest level in nearly seven months, reaching 6.46%. This increase can add hundreds of dollars a month in costs for home shoppers, limiting what they can afford to buy.
The average 30-year fixed mortgage rate rose to 6.46% from 6.38% last week. This is the highest level in nearly seven months. The last time the rate was higher was September 4. The 15-year fixed-rate mortgage average also rose to 5.77% from 5.75% last week. Rising mortgage rates can increase costs for home shoppers. The increase is attributed to skyrocketing oil prices and worries about high inflation.
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