The average long-term U.S. mortgage rate has surged to its highest point in nearly nine months this week, significantly increasing borrowing costs for prospective homebuyers during what is traditionally the busiest period for the housing market.
Freddie Mac, a major mortgage buyer, reported Thursday that the benchmark 30-year fixed rate mortgage climbed to 6.51%, up from 6.36% last week. Despite this sharp increase, the current average rate remains below the 6.86% recorded a year ago.
