Average long-term US mortgage rate rises to 6.69%, highest level in six weeks

The average long-term U.S. mortgage rate climbed to a six-week high this week, pushing up borrowing costs for homebuyers already facing affordability challenges due to rising housing prices and a shortage of homes for sale. The average rate on a 30-year mortgage rose to 6.69% from 6.6% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.13%. Still, the average rate remains sharply higher than just two years ago, when it was 3.45%. As mortgage rates rise, they can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford.