The average long-term U.S. mortgage rate climbed this week to its highest level in nearly a year, driving up borrowing costs for prospective homebuyers.
Mortgage buyer Freddie Mac said Thursday that the benchmark 30-year fixed rate mortgage rate rose to 6.55% from 6.49% last week.
One year ago, the average rate was 6.75%.
Borrowing costs on 15-year fixed-rate mortgages, often sought by borrowers refinancing a home loan, also rose this week.
Mortgage rates are influenced by several factors, from the Federal Reserve’s interest rate policy decisions to bond market investors’ expectations for the economy and inflation.
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