Average mortgage rate rises again, reaching highest level in more than 5 months

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• Updated: May. 03, 2024, 10:06 a.m.|
• Published: May. 02, 2024, 4:00 p.m.

A Redfin "for sale" sign stands in front of a house on Oct. 28, 2020, in Seattle.AP Photo/Elaine Thompson, File

The average rate on a 30-year mortgage climbed this week to its highest level in more than five months, pushing up borrowing costs for prospective homebuyers in what's typically the housing market's busiest stretch of the year.

The rate rose to 7.22% from 7.17% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.39%.

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