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Chicago Sun-Times
Chicago Sun-Times
National
Associated Press

Average long-term US mortgage rate climbs to highest level in more than 20 years

Freddie Mac United States the Federal Reserve US Federal Reserve
Townhomes under construction are shown in Mars, Pennsylvania. On Thursday, Freddie Mac reported that the average rate on the benchmark 30-year home loan rose to 7.09%. (Gene J. Puskar/AP)

The average long-term U.S. mortgage rate climbed this week to its highest level in more than 20 years, grim news for would-be homebuyers already challenged by a housing market that remains competitive due to a dearth of homes for sale.

Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan rose to 7.09% from 6.96% last week. A year ago, the rate averaged 5.13%.

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