Average long-term US mortgage rate churns upward to its highest level in nearly 3 years at 7.28%

U.S. mortgage rates surged this week, reaching their highest point in nearly three years at 7.28%, according to Freddie Mac. The benchmark 30-year fixed-rate mortgage climbed from 7.03% last week, while the average 15-year fixed-rate mortgage rate rose to 6.60% from 6.42%. This marks the sixth consecutive week of rate increases. A year ago, the 30-year fixed-rate mortgage averaged 6.34%, and the 15-year rate was 5.55%.