Average US Long-Term Mortgage Rate Inches Up To 6.93% This Week For Fourth Straight Increase

(Associated Press) – The average long-term U.S. mortgage rate ticked up again this week, remaining at its highest level since July.

The benchmark 30-year fixed rate loan rate rose to 6.93% from 6.91% last week, according to mortgage giant Freddie Mac.

It was at 6.66% a year ago.

It has risen for four straight weeks.

The uptick in the cost of home loans reflects a rise in the bond yields that lenders use as a guide to price mortgages, specifically the yield on U.S. 10-year Treasury bonds.

The yield on the 10-year Treasury has climbed from 3.62% in mid-September to 4.66% this week.