Average long-term US mortgage rate hits highest level in 2 decades ...Middle East

The average long-term U.S. mortgage rate jumped this week to its highest level in 20 years, grim news for would-be homebuyers already facing high home prices caused a lack of supply. Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan jumped to 7.09% from 6.96% last week. That’s the highest since April of 2002, when the average rate clocked in at 7.13%. The average long-term rate hit 7.08% in late October and again in early November. One year ago, the rate averaged 5.13%. “The economy continues to do better than expected and the 10-year Treasury yield has moved up, causing mortgage rates to climb,” said Sam Khater, Freddie Mac’s chief economist.

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