NEW YORK (AP) — The average rate on the benchmark 30-year home loan rose for the seventh straight week, making a significant hurdle for prospective homebuyers.
The rate on the long-term loan is 7.79%, up from 7.63% last week and 7.08% a year ago.
As mortgage rates rise, they can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford in a market already out of reach for many Americans.
They also discourage homeowners who locked in far low rates two years ago, when they were around 3%, from selling. The 15-year loan rose to 7.03%.
