US sees 30-year fixed-rate mortgages climb to highest level in nearly a year

The average long-term US mortgage rate has surged to its highest point in nearly a year this week, significantly increasing borrowing costs for prospective homebuyers across the nation.

According to mortgage buyer Freddie Mac, the benchmark 30-year fixed-rate mortgage climbed to 6.55 per cent, up from 6.49 per cent just last week.