Average Long-Term US Mortgage Rate Edges Closer to 7 Percent, Rising to Highest Level Since Early March

LOS ANGELES—The average long-term U.S. mortgage rate rose to its highest level in five weeks, a setback for prospective homebuyers during what’s traditionally the busiest time of the year for home sales. The average rate on a 30-year mortgage rose to 6.88 percent from 6.82 percent last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.27 percent. When mortgage rates rise, they can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford at a time when the U.S. housing market remains constrained by relatively few homes for sale and rising home prices....