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May 26, 2023

Mortgage rate rises to 6.57% this week

LOS ANGELES (AP) — The average long-term U.S. mortgage rate rose this week to its highest level since mid-March, driving up borrowing costs for prospective homebuyers facing a housing market that's constrained by a dearth of homes for sale.

Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan rose to 6.57% from 6.39% last week. The average rate a year ago was 5.10%.


 
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