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September 15, 2023

30-year home loans edge up to 7.18%

LOS ANGELES (AP) — The average long-term U.S. mortgage rate edged up this week, pushing higher the borrowing costs for prospective homebuyers already facing a housing market limited by a dearth of homes for sale and rising prices.

The average rate on the benchmark 30-year home loan rose to 7.18% from 7.12% last week, according to Mortgage buyer Freddie Mac on Thursday. A year ago, the rate averaged 6.02%.

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