The average long-term U.S. mortgage rate has seen a slight increase for the second consecutive week, reaching its highest level in four weeks. According to Freddie Mac, a mortgage buyer, the average rate on a 30-year mortgage is now at 6.66%, up from 6.62% last week. Comparatively, a year ago, the rate was at 6.33%.
On the other hand, borrowing costs for 15-year fixed-rate mortgages, which are popular among homeowners looking to refinance their loans, have actually eased this week. This has lowered the average rate to 5.87%, down from 5.89% in the previous week. Looking back a year, the average rate for a 15-year mortgage stood at 5.52%.
