Federal Home Loan Mortgage Corporation (FMCCT)

Average rate on a 30-year mortgage in the US rises to highest level since July

The rate rose to 6.84% from 6.78% last week, mortgage buyer Freddie Mac said Thursday. A year ago, it averaged 6.67%, Freddie Mac said. When mortgage rates increase they can add hundreds of dollars a month in costs for borrowers, reducing homebuyers’ purchasing power at a time when home prices remain near all-time highs, even though U.S. home sales are on track for their worst year since 1995.