The average long-term U.S. mortgage rate rose for the fourth consecutive week to its highest level in a year, another setback for prospective homebuyers hoping for a break from elevated home loan borrowing costs.
Mortgage buyer Freddie Mac said on July 30 that the benchmark 30-year fixed rate mortgage rate rose to 6.66% from 6.58% last week. One year ago, the average rate was 6.72%.