Average long-term US mortgage rate hits 3-month high

By MATT OTT
AP Business Writer

The average long-term U.S. mortgage rate hit a three-month high this week, reflecting higher Treasury yields and expectations that the Federal Reserve will continue to raise its benchmark rate and keep it there until inflation recedes. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate rose to 6.65% from 6.5% last week. The average long-term rate reached a two-decade high of 7.08% in the fall as the Fed continued to raise its key lending rate in a bid to tamp down inflation. The recent rise in mortgage couldn’t come at worse time for the slumping housing market, on the verge of its spring buying season.