Long-term mortgage rates reach highest level in 15 years

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WASHINGTON (AP) — Average long-term U.S. mortgage rates rose this week for the sixth straight week, marking new highs not seen in 15 years.

Mortgage buyer Freddie Mac reports that the average on the key 30-year rate climbed to 6.70% from 6.29% last week.

The average rate on 15-year, fixed-rate mortgages, popular among those looking to refinance their homes, jumped to 5.96% from 5.44% last week.

Rapidly rising mortgage rates threaten to sideline even more homebuyers after more than doubling in 2022.

Last year, prospective homebuyers were looking at rates well below 3%.

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