Mortgage rates rising steadily, the 30-year fixed rate reaches 6.76%

Mortgage rates rose for the third week in a row, pushing the average long-term U.S. home loan rate to its highest level in over 14 months. Mortgage buyer Freddie Mac said Thursday that the benchmark 30-year fixed rate mortgage rate rose to 6.76% from 6.71% last week. One year ago, the average rate was 6.35%. Higher mortgage rates can add hundreds of dollars a month in costs for borrowers, limiting homebuyers’ purchasing power.

As rates rise, that can also lead prospective home shoppers to delay buying a home, one reason U.S. home sales remain largely stagnant again this year.

Read the original report at Apnews.