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The Independent UK

National

Michelle Chapman

Average long-term US mortgage rate churns upward to its highest level in nearly 3 years at 7.28%

The average long-term U.S. mortgage rate jumped this week to its highest level in nearly three years.

The benchmark 30-year fixed-rate mortgage rose to 7.28% from 7.03% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the average rate was 6.34%.

It is the sixth consecutive week that mortgage rates have increased.

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